Alphatec (NASDAQ:ATEC) Price Target Lowered to $19.00 at Wells Fargo & Company

Alphatec (NASDAQ:ATEC) had its price objective decreased by Wells Fargo & Company from $26.00 to $19.00 in a research note released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical technology company’s stock.

Several other brokerages have also recently commented on ATEC. Piper Sandler reduced their price target on shares of Alphatec from $19.00 to $17.00 and set an overweight rating on the stock in a research report on Wednesday, May 8th. Morgan Stanley reduced their target price on Alphatec from $19.00 to $16.00 and set an overweight rating on the stock in a report on Monday, July 15th. Needham & Company LLC reiterated a buy rating and issued a $23.00 price target on shares of Alphatec in a report on Thursday. Canaccord Genuity Group reaffirmed a buy rating and issued a $25.00 price objective on shares of Alphatec in a report on Thursday, July 25th. Finally, HC Wainwright reissued a buy rating and set a $20.00 target price on shares of Alphatec in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Alphatec presently has an average rating of Moderate Buy and a consensus price target of $19.11.

Alphatec Stock Down 7.1 %

ATEC stock traded down $0.45 during trading on Thursday, reaching $5.85. The stock had a trading volume of 618,682 shares, compared to its average volume of 1,719,235. The company has a current ratio of 2.22, a quick ratio of 1.49 and a debt-to-equity ratio of 30.21. The firm has a fifty day moving average price of $10.30 and a 200 day moving average price of $12.58. The company has a market capitalization of $821.69 million, a P/E ratio of -4.23 and a beta of 1.40. Alphatec has a 1-year low of $5.74 and a 1-year high of $17.34.

Alphatec (NASDAQ:ATEC) last issued its quarterly earnings data on Wednesday, July 31st. The medical technology company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.03). The business had revenue of $145.57 million for the quarter, compared to analyst estimates of $144.55 million. Alphatec had a negative net margin of 33.48% and a negative return on equity of 816.57%. Alphatec’s revenue for the quarter was up 24.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.43) EPS. On average, equities analysts anticipate that Alphatec will post -1.04 earnings per share for the current year.

Insider Activity at Alphatec

In other news, General Counsel Tyson Eliot Marshall sold 50,232 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $10.88, for a total value of $546,524.16. Following the completion of the sale, the general counsel now directly owns 245,638 shares of the company’s stock, valued at approximately $2,672,541.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 22.80% of the stock is currently owned by insiders.

Institutional Trading of Alphatec

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank grew its holdings in Alphatec by 64.8% during the first quarter. Comerica Bank now owns 6,443 shares of the medical technology company’s stock worth $89,000 after acquiring an additional 2,534 shares during the period. Tidemark LLC bought a new position in shares of Alphatec during the 4th quarter valued at about $137,000. Amalgamated Bank grew its stake in shares of Alphatec by 7.3% in the 4th quarter. Amalgamated Bank now owns 9,720 shares of the medical technology company’s stock worth $147,000 after purchasing an additional 660 shares during the last quarter. EntryPoint Capital LLC acquired a new position in shares of Alphatec in the 1st quarter worth approximately $141,000. Finally, Clear Rock Advisors LLC bought a new stake in Alphatec during the fourth quarter worth approximately $179,000. Institutional investors own 66.35% of the company’s stock.

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.