Alphatec (NASDAQ:ATEC) Issues Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Alphatec (NASDAQ:ATEC) released its quarterly earnings results on Wednesday. The medical technology company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01), reports. The company had revenue of $150.72 million for the quarter, compared to analyst estimates of $147.50 million. Alphatec had a negative net margin of 31.06% and a negative return on equity of 401.88%. Alphatec updated its FY 2024 guidance to EPS.

Alphatec Stock Performance

Shares of ATEC stock opened at $8.11 on Friday. The company has a debt-to-equity ratio of 30.21, a quick ratio of 1.21 and a current ratio of 2.22. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -6.34 and a beta of 1.39. Alphatec has a 52 week low of $4.88 and a 52 week high of $17.34. The firm’s 50-day simple moving average is $5.77 and its two-hundred day simple moving average is $8.68.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Morgan Stanley cut Alphatec from an “overweight” rating to an “equal weight” rating in a research report on Thursday, August 1st. Stifel Nicolaus dropped their price objective on Alphatec from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st. Wells Fargo & Company reduced their target price on shares of Alphatec from $26.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Canaccord Genuity Group reissued a “buy” rating and set a $20.00 price target on shares of Alphatec in a research report on Friday, August 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Alphatec in a research report on Thursday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Alphatec currently has an average rating of “Moderate Buy” and an average price target of $17.00.

Insider Activity

In related news, Director David M. Demski purchased 50,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $5.67 per share, with a total value of $283,500.00. Following the acquisition, the director now owns 288,441 shares of the company’s stock, valued at $1,635,460.47. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 22.80% of the company’s stock.

Institutional Investors Weigh In On Alphatec

Large investors have recently added to or reduced their stakes in the company. Net Worth Advisory Group bought a new position in Alphatec during the third quarter worth about $76,000. Comerica Bank boosted its holdings in Alphatec by 64.8% in the 1st quarter. Comerica Bank now owns 6,443 shares of the medical technology company’s stock worth $89,000 after buying an additional 2,534 shares during the period. Van ECK Associates Corp grew 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 buying an additional 6,998 shares in the last quarter. Tempus Wealth Planning LLC bought a new stake in Alphatec during the 3rd quarter valued at $107,000. Finally, Atria Investments Inc lifted its position in shares of Alphatec by 8.0% during the third quarter. Atria Investments Inc now owns 19,609 shares of the medical technology company’s stock worth $109,000 after acquiring an additional 1,460 shares in the last quarter. Hedge funds and other institutional investors own 66.35% of the company’s stock.

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.