Alphatec (NASDAQ:ATEC) Shares Gap Down on Disappointing Earnings

Alphatec Holdings, Inc. (NASDAQ:ATEC) shares gapped down before the market opened on Thursday following a weaker than expected 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.

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

Analysts Set New Price Targets

A number of brokerages have commented on ATEC. Piper Sandler increased their price target on shares of Alphatec from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday. Needham & Company LLC reissued a “buy” rating and set a $16.00 price target on shares of Alphatec in a research report on Thursday. Barclays upped their price objective on Alphatec from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $20.00 target price on shares of Alphatec in a report on Tuesday, January 14th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Alphatec presently has an average rating of “Moderate Buy” and a consensus target price of $17.67.

Insider Activity at Alphatec

In other news, COO Scott Lish sold 27,453 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $11.49, for a total transaction of $315,434.97. Following the transaction, the chief operating officer now directly owns 867,677 shares of the company’s stock, valued at approximately $9,969,608.73. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP David Sponsel sold 58,283 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $10.71, for a total value 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 approximately $5,379,750.81. This trade represents a 10.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,715 shares of company stock worth $3,048,819 in the last ninety days. 22.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ATEC. Vanguard Group Inc. grew its stake in Alphatec by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,968,980 shares of the medical technology company’s stock worth $54,795,000 after buying an additional 47,797 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Alphatec by 36.5% during the fourth quarter. American Century Companies Inc. now owns 4,989,057 shares of the medical technology company’s stock worth $45,800,000 after buying an additional 1,334,780 shares during the last quarter. Royal Bank of Canada increased its holdings in Alphatec by 171.2% in the 4th quarter. Royal Bank of Canada now owns 3,185,283 shares of the medical technology company’s stock worth $29,240,000 after purchasing an additional 2,010,806 shares in the last quarter. State Street Corp increased 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 valued at $17,453,000 after buying an additional 287,350 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Alphatec by 11.3% in the third 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 purchasing an additional 297,850 shares during the last quarter. Institutional investors own 66.35% of the company’s stock.

Alphatec Stock Up 9.6 %

The company has a market capitalization of $1.72 billion, a P/E ratio of -9.47 and a beta of 1.43. The company has a debt-to-equity ratio of 30.21, a current ratio of 2.32 and a quick ratio of 1.15. The stock has a 50-day moving average price of $10.57 and a 200-day moving average price of $8.35.

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.