Alphatec (NASDAQ:ATEC) Shares Gap Up Following Analyst Upgrade

Alphatec Holdings, Inc. (NASDAQ:ATEC) gapped up before the market opened on Monday after Needham & Company LLC raised their price target on the stock from $13.00 to $16.00. The stock had previously closed at $9.97, but opened at $10.40. Needham & Company LLC currently has a buy rating on the stock. Alphatec shares last traded at $11.07, with a volume of 544,525 shares.

A number of other brokerages also recently commented on ATEC. Barclays boosted their target price on shares of Alphatec from $19.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of Alphatec in a report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Alphatec has a consensus rating of “Moderate Buy” and an average price target of $17.44.

Institutional Investors Weigh In On Alphatec

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its stake in shares of Alphatec by 2.6% during the second quarter. Rhumbline Advisers now owns 143,474 shares of the medical technology company’s stock worth $1,499,000 after buying an additional 3,676 shares during the period. Envestnet Asset Management Inc. lifted its position in Alphatec by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 404,866 shares of the medical technology company’s stock worth $4,231,000 after acquiring an additional 22,047 shares during the period. Hsbc Holdings PLC grew its stake in shares of Alphatec by 130.1% in the 2nd quarter. Hsbc Holdings PLC now owns 33,403 shares of the medical technology company’s stock valued at $347,000 after purchasing an additional 18,888 shares during the last quarter. First Eagle Investment Management LLC acquired a new position in shares of Alphatec in the second quarter valued at approximately $1,071,000. Finally, Granite Investment Partners LLC raised its stake in shares of Alphatec by 130.2% during the second quarter. Granite Investment Partners LLC now owns 664,201 shares of the medical technology company’s stock worth $6,941,000 after purchasing an additional 375,621 shares during the last quarter. Hedge funds and other institutional investors own 66.35% of the company’s stock.

Alphatec Trading Up 9.1 %

The company has a fifty day moving average of $9.44 and a two-hundred day moving average of $7.99. The company has a quick ratio of 1.15, a current ratio of 2.32 and a debt-to-equity ratio of 30.21. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -8.50 and a beta of 1.41.

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.