Alphatec (NASDAQ:ATEC) Shares Gap Down Following Weak Earnings

Alphatec Holdings, Inc. (NASDAQ:ATEC) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $11.06, but opened at $10.50. Alphatec shares last traded at $11.65, with a volume of 285,146 shares changing hands.

The medical technology company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.04). The firm had revenue of $176.79 million during the quarter, compared to analysts’ expectations of $172.74 million. Alphatec had a negative return on equity of 541.39% and a negative net margin of 31.06%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Barclays raised their target price on shares of Alphatec from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Piper Sandler raised their target price on shares of Alphatec from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday. StockNews.com raised shares of Alphatec from a “sell” rating to a “hold” rating in a research note on Friday. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 target price on shares of Alphatec in a research note on Thursday. Finally, HC Wainwright reiterated a “buy” rating and set a $20.00 price objective on shares of Alphatec in a research report on Tuesday, January 14th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Alphatec presently has an average rating of “Moderate Buy” and an average target price of $17.67.

Insider Buying and Selling at Alphatec

In other news, CEO Patrick Miles sold 32,393 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $10.89, for a total value of $352,759.77. Following the completion of the sale, the chief executive officer now owns 5,940,391 shares in the company, valued at approximately $64,690,857.99. This trade represents a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Sponsel sold 58,283 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $10.71, for a total transaction of $624,210.93. Following the completion of the sale, the executive vice president now owns 502,311 shares of the company’s stock, valued at $5,379,750.81. This trade represents a 10.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 290,898 shares of company stock worth $3,327,710 over the last 90 days. 22.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Alphatec

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Alphatec by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,968,980 shares of the medical technology company’s stock worth $54,795,000 after acquiring an additional 47,797 shares during the last quarter. American Century Companies Inc. lifted its holdings in Alphatec by 36.5% during the 4th quarter. American Century Companies Inc. now owns 4,989,057 shares of the medical technology company’s stock valued at $45,800,000 after buying an additional 1,334,780 shares in the last quarter. Royal Bank of Canada lifted its holdings in Alphatec by 171.2% during the 4th quarter. Royal Bank of Canada now owns 3,185,283 shares of the medical technology company’s stock valued at $29,240,000 after buying an additional 2,010,806 shares in the last quarter. State Street Corp lifted its holdings in Alphatec by 10.1% during the 3rd quarter. State Street Corp now owns 3,138,960 shares of the medical technology company’s stock valued at $17,453,000 after buying an additional 287,350 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Alphatec by 11.3% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,928,094 shares of the medical technology company’s stock valued at $16,280,000 after buying an additional 297,850 shares in the last quarter. Institutional investors own 66.35% of the company’s stock.

Alphatec Stock Up 3.4 %

The business’s fifty day moving average is $10.63 and its two-hundred day moving average is $8.37. The company has a market cap of $1.78 billion, a P/E ratio of -9.79 and a beta of 1.43. The company has a debt-to-equity ratio of 30.21, a quick ratio of 1.15 and a current ratio of 2.32.

Alphatec Company Profile

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.