Alphatec (NASDAQ:ATEC) Upgraded to “Strong-Buy” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Alphatec (NASDAQ:ATEC) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

ATEC has been the subject of a number of other research reports. TD Cowen reiterated a “buy” rating on shares of Alphatec in a report on Tuesday, January 27th. HC Wainwright reaffirmed a “buy” rating and issued a $24.00 target price on shares of Alphatec in a research report on Monday, January 12th. Piper Sandler reiterated an “overweight” rating on shares of Alphatec in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Alphatec from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Finally, Loop Capital set a $25.00 price objective on shares of Alphatec in a research note on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.82.

Alphatec Stock Performance

Shares of ATEC opened at $12.56 on Wednesday. The company has a 50-day simple moving average of $14.57 and a two-hundred day simple moving average of $16.81. The company has a debt-to-equity ratio of 40.35, a current ratio of 2.06 and a quick ratio of 1.28. The firm has a market capitalization of $1.90 billion, a PE ratio of -13.22 and a beta of 1.02. Alphatec has a one year low of $8.81 and a one year high of $23.29.

Alphatec (NASDAQ:ATEC) last announced its earnings results on Tuesday, February 24th. The medical technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. The firm had revenue of $212.93 million during the quarter, compared to the consensus estimate of $212.67 million. During the same period in the prior year, the company posted ($0.23) EPS. The firm’s revenue was up 20.4% on a year-over-year basis. On average, analysts anticipate that Alphatec will post -1.08 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Tyson Eliot Marshall sold 88,835 shares of Alphatec stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $12.49, for a total value of $1,109,549.15. Following the completion of the sale, the general counsel directly owned 559,459 shares in the company, valued at $6,987,642.91. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Patrick Miles sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $21.01, for a total transaction of $2,101,000.00. Following the transaction, the chief executive officer directly owned 5,135,398 shares of the company’s stock, valued at $107,894,711.98. The trade was a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 826,972 shares of company stock worth $11,285,386. 20.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alphatec

Several hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning boosted its stake in shares of Alphatec by 0.9% in the 3rd quarter. Creative Planning now owns 58,654 shares of the medical technology company’s stock worth $853,000 after buying an additional 534 shares during the last quarter. Valeo Financial Advisors LLC increased its position in Alphatec by 2.1% during the third quarter. Valeo Financial Advisors LLC now owns 41,296 shares of the medical technology company’s stock valued at $600,000 after acquiring an additional 846 shares during the last quarter. Norden Group LLC lifted its holdings in Alphatec by 2.6% in the third quarter. Norden Group LLC now owns 36,676 shares of the medical technology company’s stock valued at $533,000 after acquiring an additional 939 shares during the period. Arizona State Retirement System boosted its position in Alphatec by 2.8% in the third quarter. Arizona State Retirement System now owns 34,603 shares of the medical technology company’s stock worth $503,000 after purchasing an additional 949 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Alphatec by 8.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 11,845 shares of the medical technology company’s stock valued at $131,000 after purchasing an additional 955 shares during the period. 66.35% of the stock is owned by institutional investors.

Alphatec Company Profile

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.