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

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s stock price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $13.58, but opened at $11.64. Alphatec shares last traded at $10.99, with a volume of 1,964,408 shares changing hands.

The medical technology company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.01). The business had revenue of $138.48 million during the quarter, compared to the consensus estimate of $134.07 million. The company’s revenue for the quarter was up 26.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.40) EPS.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $25.00 target price on shares of Alphatec in a report on Wednesday, March 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price objective on shares of Alphatec in a research note on Wednesday. Piper Sandler decreased their target price on shares of Alphatec from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Alphatec in a report on Monday, March 4th. Finally, Wells Fargo & Company began coverage on shares of Alphatec in a report on Friday, February 9th. They issued an “overweight” rating and a $26.00 price target on the stock. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Alphatec presently has a consensus rating of “Moderate Buy” and an average price target of $22.89.

Insider Activity

In other Alphatec news, CFO John Todd Koning sold 121,601 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.30, for a total transaction of $1,617,293.30. Following the completion of the sale, the chief financial officer now owns 430,856 shares in the company, valued at approximately $5,730,384.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, General Counsel Tyson Eliot Marshall sold 11,825 shares of Alphatec stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $13.30, for a total value of $157,272.50. Following the completion of the transaction, the general counsel now owns 305,095 shares in the company, valued at approximately $4,057,763.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John Todd Koning sold 121,601 shares of Alphatec stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.30, for a total transaction of $1,617,293.30. Following the completion of the transaction, the chief financial officer now directly owns 430,856 shares of the company’s stock, valued at approximately $5,730,384.80. The disclosure for this sale can be found here. Insiders have sold 285,069 shares of company stock worth $3,971,495 over the last 90 days. Company insiders own 29.12% of the company’s stock.

Institutional Investors Weigh In On Alphatec

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

Alphatec Stock Up 7.0 %

The business’s 50 day simple moving average is $13.21 and its 200 day simple moving average is $13.53. The company has a quick ratio of 1.99, a current ratio of 2.86 and a debt-to-equity ratio of 6.54. The company has a market capitalization of $1.59 billion, a PE ratio of -7.32 and a beta of 1.48.

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.