Alphatec (NASDAQ:ATEC) Shares Gap Up – Here’s What Happened

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $9.52, but opened at $10.00. Alphatec shares last traded at $10.1270, with a volume of 334,817 shares trading hands.

Analyst Ratings Changes

Several research analysts recently issued reports on ATEC shares. Piper Sandler reissued an “overweight” rating and set a $14.00 target price (down from $25.00) on shares of Alphatec in a research note on Wednesday, May 6th. Needham & Company LLC dropped their price objective on shares of Alphatec from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen cut shares of Alphatec from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. BMO Capital Markets assumed coverage on Alphatec in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $11.00 target price for the company. Finally, Stifel Nicolaus decreased their target price on Alphatec from $16.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.13.

Alphatec Stock Up 5.9%

The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.12 and a current ratio of 1.90. The stock’s 50 day simple moving average is $8.62 and its 200 day simple moving average is $10.91. The firm has a market cap of $1.55 billion, a P/E ratio of -12.32 and a beta of 0.85.

Insider Activity at Alphatec

In other news, Director Karen K. Mcginnis sold 6,050 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $8.01, for a total transaction of $48,460.50. Following the completion of the sale, the director directly owned 94,671 shares of the company’s stock, valued at $758,314.71. The trade was a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alphatec

A number of hedge funds have recently added to or reduced their stakes in ATEC. Handelsbanken Fonder AB bought a new stake in Alphatec during the 2nd quarter worth approximately $427,000. Redhawk Wealth Advisors Inc. lifted its holdings in shares of Alphatec by 87.8% in the second quarter. Redhawk Wealth Advisors Inc. now owns 19,412 shares of the medical technology company’s stock valued at $168,000 after purchasing an additional 9,077 shares in the last quarter. Atlas Brown Inc. purchased a new position in shares of Alphatec during the second quarter valued at approximately $111,000. Valeo Financial Advisors LLC boosted its position in shares of Alphatec by 7.2% during the second quarter. Valeo Financial Advisors LLC now owns 44,363 shares of the medical technology company’s stock valued at $384,000 after buying an additional 2,967 shares during the last quarter. Finally, Western Wealth Management LLC grew its holdings in Alphatec by 20.9% during the first quarter. Western Wealth Management LLC now owns 103,909 shares of the medical technology company’s stock worth $1,131,000 after buying an additional 17,928 shares in the last quarter. Institutional investors and hedge funds own 66.35% of the company’s stock.

About Alphatec

Alphatec Holdings, Inc (NASDAQ: ATEC) is a medical technology company focused on the design, development and commercialization of products for the surgical correction of degenerative spinal conditions. The company’s portfolio centers on interbody implants, biologics, fixation devices and surgical planning tools intended to improve patient outcomes in spinal fusion procedures. Alphatec’s flagship offerings include customizable interbody cages, bone graft materials and specialized instrumentation designed for minimally invasive and open spinal surgeries.

Founded as Alphatec Spine in 1985 and rebranded as Alphatec Holdings in 2018, the company has grown from a single-product organization into a multi-platform innovator in the spine market.