Alphatec (NASDAQ:ATEC) Shares Gap Down After Earnings Miss

Alphatec Holdings, Inc. (NASDAQ:ATEC) gapped down before the market opened 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 trading hands.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on ATEC shares. HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of Alphatec in a research report on Tuesday, January 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price target on shares of Alphatec in a report on Thursday. Barclays boosted their price objective on shares of Alphatec from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 22nd. Finally, Piper Sandler increased their price objective on Alphatec from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.67.

Insider Activity at Alphatec

In other news, EVP David Sponsel sold 58,283 shares of the business’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 transaction, the executive vice president now directly owns 502,311 shares in the company, valued at approximately $5,379,750.81. The trade was a 10.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Patrick Miles sold 50,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $12.03, for a total transaction of $601,500.00. Following the completion of the sale, the chief executive officer now owns 6,152,544 shares in the company, valued at $74,015,104.32. This represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,715 shares of company stock worth $3,048,819. 22.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ATEC. Creative Planning raised its position in shares of Alphatec by 83.9% during the third quarter. Creative Planning now owns 48,611 shares of the medical technology company’s stock worth $270,000 after purchasing an additional 22,171 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Alphatec by 30.1% during the third quarter. Assenagon Asset Management S.A. now owns 40,486 shares of the medical technology company’s stock worth $225,000 after buying an additional 9,361 shares in the last quarter. Stephens Inc. AR raised its position in Alphatec by 51.4% in the 3rd quarter. Stephens Inc. AR now owns 21,743 shares of the medical technology company’s stock valued at $121,000 after buying an additional 7,382 shares during the last quarter. Van ECK Associates Corp lifted its stake in Alphatec by 57.0% in the 3rd quarter. Van ECK Associates Corp now owns 19,273 shares of the medical technology company’s stock valued at $99,000 after acquiring an additional 6,998 shares in the last quarter. Finally, Fernwood Investment Management LLC boosted its position in Alphatec by 28.6% during the 3rd quarter. Fernwood Investment Management LLC now owns 91,287 shares of the medical technology company’s stock worth $508,000 after acquiring an additional 20,300 shares during the last quarter. 66.35% of the stock is currently owned by institutional investors.

Alphatec Stock Up 9.6 %

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

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.