Alphatec (NASDAQ:ATEC) Price Target Cut to $17.00 by Analysts at Piper Sandler

Alphatec (NASDAQ:ATEC) had its target price dropped by equities researchers at Piper Sandler from $19.00 to $17.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical technology company’s stock. Piper Sandler’s price objective would indicate a potential upside of 53.02% from the company’s previous close.

Several other research analysts have also recently issued reports on ATEC. Canaccord Genuity Group reissued a “buy” rating and issued a $25.00 target price on shares of Alphatec in a research report on Wednesday, March 20th. Needham & Company LLC restated a “buy” rating and set a $23.00 target price on shares of Alphatec in a research report on Wednesday. Wells Fargo & Company initiated coverage on shares of Alphatec in a research note on Friday, February 9th. They set an “overweight” rating and a $26.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price objective on shares of Alphatec in a research note on Monday, March 4th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.89.

Alphatec Stock Down 18.2 %

Alphatec stock traded down $2.47 during mid-day trading on Wednesday, hitting $11.11. The company had a trading volume of 4,994,715 shares, compared to its average volume of 1,623,345. The company has a market capitalization of $1.55 billion, a PE ratio of -7.23 and a beta of 1.48. The stock’s 50 day moving average price is $13.32 and its two-hundred day moving average price is $13.56. Alphatec has a 12 month low of $8.66 and a 12 month high of $19.14. The company has a current ratio of 2.86, a quick ratio of 1.99 and a debt-to-equity ratio of 6.54.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings results on Tuesday, May 7th. The medical technology company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.01). The firm had revenue of $138.48 million for the quarter, compared to analysts’ expectations of $134.07 million. During the same period in the previous year, the company earned ($0.40) EPS. The firm’s revenue for the quarter was up 26.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Alphatec will post -1.1 earnings per share for the current fiscal year.

Insider Transactions at Alphatec

In other Alphatec news, EVP David Sponsel sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $16.16, for a total transaction of $40,400.00. Following the completion of the transaction, the executive vice president now owns 637,418 shares in the company, valued at approximately $10,300,674.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP David Sponsel sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $16.16, for a total value of $40,400.00. Following the completion of the sale, the executive vice president now directly owns 637,418 shares in the company, valued at $10,300,674.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Scott Lish sold 11,963 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $15.34, for a total transaction of $183,512.42. Following the transaction, the chief operating officer now owns 538,240 shares in the company, valued at approximately $8,256,601.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 285,069 shares of company stock valued at $3,971,495. 29.12% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alphatec

A number of large investors have recently bought and sold shares of ATEC. RiverPark Advisors LLC bought a new stake in shares of Alphatec in the 3rd quarter valued at about $53,000. Provence Wealth Management Group purchased a new stake in Alphatec during the third quarter worth $56,000. Van ECK Associates Corp bought a new stake in Alphatec during the 3rd quarter valued at $113,000. Tidemark LLC purchased a new position in shares of Alphatec in the 4th quarter valued at $137,000. Finally, Amalgamated Bank raised its holdings in Alphatec by 7.3% in the fourth quarter. Amalgamated Bank now owns 9,720 shares of the medical technology company’s stock worth $147,000 after purchasing an additional 660 shares in the last quarter. Hedge funds and other institutional investors own 66.35% of the company’s stock.

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.