Alphatec (NASDAQ:ATEC) Earns “Buy” Rating from Canaccord Genuity Group

Alphatec (NASDAQ:ATEC)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity Group in a research report issued on Friday, Benzinga reports. They currently have a $20.00 target price on the medical technology company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 195.86% from the company’s previous close.

Other analysts have also issued research reports about the stock. Morgan Stanley lowered shares of Alphatec from an “overweight” rating to an “equal weight” rating in a research report on Thursday, August 1st. Stifel Nicolaus reduced their target price on Alphatec from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, August 1st. Piper Sandler lowered their price target on Alphatec from $17.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Barclays initiated coverage on shares of Alphatec in a research note on Monday, July 8th. They set an “overweight” rating and a $19.00 price objective for the company. Finally, Wells Fargo & Company dropped their price target on shares of Alphatec from $26.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.44.

Alphatec Price Performance

Shares of ATEC stock traded down $0.09 during trading hours on Friday, hitting $6.76. The company’s stock had a trading volume of 586,510 shares, compared to its average volume of 1,854,632. Alphatec has a twelve month low of $5.57 and a twelve month high of $17.34. The company has a current ratio of 2.22, a quick ratio of 1.49 and a debt-to-equity ratio of 30.21. The business has a fifty day moving average of $8.76 and a 200-day moving average of $11.30. The stock has a market cap of $945.62 million, a price-to-earnings ratio of -4.54 and a beta of 1.40.

Alphatec (NASDAQ:ATEC) last released its quarterly earnings results on Wednesday, July 31st. The medical technology company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.03). The company had revenue of $145.57 million during the quarter, compared to analyst estimates of $144.55 million. Alphatec had a negative return on equity of 816.57% and a negative net margin of 33.48%. The business’s revenue was up 24.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.43) earnings per share. As a group, equities research analysts anticipate that Alphatec will post -1.04 EPS for the current year.

Insider Buying and Selling

In related news, Director David M. Demski bought 50,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $5.67 per share, with a total value of $283,500.00. Following the completion of the transaction, the director now directly owns 288,441 shares of the company’s stock, valued at $1,635,460.47. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Alphatec news, General Counsel Tyson Eliot Marshall sold 50,232 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $10.88, for a total value of $546,524.16. Following the transaction, the general counsel now owns 245,638 shares in the company, valued at approximately $2,672,541.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David M. Demski bought 50,000 shares of the stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average price of $5.67 per share, with a total value of $283,500.00. Following the completion of the purchase, the director now directly owns 288,441 shares of the company’s stock, valued at $1,635,460.47. The disclosure for this purchase can be found here. 22.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Comerica Bank boosted its stake in shares of Alphatec by 64.8% during the 1st quarter. Comerica Bank now owns 6,443 shares of the medical technology company’s stock valued at $89,000 after buying an additional 2,534 shares during the last quarter. Tidemark LLC bought a new stake in shares of Alphatec in the 4th quarter worth about $137,000. Amalgamated Bank raised its stake in shares of Alphatec by 7.3% in the 4th quarter. Amalgamated Bank now owns 9,720 shares of the medical technology company’s stock valued at $147,000 after purchasing an additional 660 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Alphatec during the first quarter worth about $141,000. Finally, Clear Rock Advisors LLC acquired a new position in Alphatec in the fourth quarter worth about $179,000. Institutional investors and hedge funds own 66.35% of the company’s stock.

About Alphatec

Alphatec Holdings, Inc, a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. It manufactures and sells implants and instruments through third-party suppliers. The company offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; VEA alignment mobile application, which leverages EOS technology to more quickly quantify alignment parameters on a mobile device; SafeOp Neural InformatiX System that automates electromyographic and somatosensory evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems.