Alphatec (NASDAQ:ATEC) Shares Gap Down – Here’s What Happened

Alphatec Holdings, Inc. (NASDAQ:ATEC) shares gapped down before the market opened on Thursday . The stock had previously closed at $11.44, but opened at $10.66. Alphatec shares last traded at $10.96, with a volume of 694,934 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ATEC shares. Barclays boosted their target price on Alphatec from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Needham & Company LLC restated a “buy” rating and issued a $16.00 price target on shares of Alphatec in a research note on Thursday, February 27th. 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, February 27th. StockNews.com upgraded Alphatec from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of Alphatec in a research note on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Alphatec currently has a consensus rating of “Moderate Buy” and an average target price of $17.67.

Alphatec Stock Performance

The business has a 50 day simple moving average of $10.88 and a two-hundred day simple moving average of $8.56. The company has a quick ratio of 1.15, a current ratio of 2.32 and a debt-to-equity ratio of 30.21. The firm has a market cap of $1.51 billion, a PE ratio of -8.17 and a beta of 1.39.

Alphatec (NASDAQ:ATEC) last issued its earnings results on Wednesday, February 26th. The medical technology company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.04). The company had revenue of $176.79 million for 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%. As a group, equities research analysts forecast that Alphatec Holdings, Inc. will post -1.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphatec

In other Alphatec news, EVP David Sponsel sold 58,283 shares of the stock in a transaction dated Monday, January 13th. The shares were 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 directly owns 502,311 shares of the company’s stock, valued at approximately $5,379,750.81. This represents a 10.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Patrick Miles sold 6,687 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $12.00, for a total value of $80,244.00. Following the transaction, the chief executive officer now directly owns 5,501,715 shares in the company, valued at approximately $66,020,580. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 303,589 shares of company stock valued at $3,462,743. 22.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alphatec

Hedge funds have recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Alphatec by 11.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,928,094 shares of the medical technology company’s stock worth $16,280,000 after buying an additional 297,850 shares during the period. Barclays PLC grew its holdings in Alphatec by 362.3% in the third quarter. Barclays PLC now owns 170,546 shares of the medical technology company’s stock valued at $948,000 after purchasing an additional 133,653 shares during the period. Franklin Resources Inc. increased its holdings in Alphatec by 299.3% in the 3rd quarter. Franklin Resources Inc. now owns 64,450 shares of the medical technology company’s stock worth $343,000 after acquiring an additional 48,308 shares in the last quarter. Royce & Associates LP raised its position in shares of Alphatec by 15.9% during the 3rd quarter. Royce & Associates LP now owns 1,212,286 shares of the medical technology company’s stock worth $6,740,000 after purchasing an additional 165,954 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Alphatec by 10.1% in the third quarter. State Street Corp now owns 3,138,960 shares of the medical technology company’s stock worth $17,453,000 after buying an additional 287,350 shares in the last quarter. 66.35% of the stock is owned by institutional investors and hedge funds.

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.