Castleark Management LLC Cuts Stock Position in Alphatec Holdings, Inc. (NASDAQ:ATEC)

Castleark Management LLC cut its stake in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC) by 44.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 112,340 shares of the medical technology company’s stock after selling 91,433 shares during the quarter. Castleark Management LLC’s holdings in Alphatec were worth $1,549,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Light Asset Management LLC grew its holdings in Alphatec by 97.0% in the fourth quarter. First Light Asset Management LLC now owns 5,976,851 shares of the medical technology company’s stock valued at $90,310,000 after purchasing an additional 2,943,310 shares during the last quarter. Cerity Partners LLC purchased a new position in shares of Alphatec in the 4th quarter worth about $28,451,000. Artisan Partners Limited Partnership purchased a new position in shares of Alphatec in the 4th quarter worth about $19,050,000. Goldman Sachs Group Inc. raised its stake in Alphatec by 93.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,451,499 shares of the medical technology company’s stock valued at $21,932,000 after acquiring an additional 702,950 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Alphatec by 48.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,125,042 shares of the medical technology company’s stock valued at $29,305,000 after acquiring an additional 690,022 shares in the last quarter. 66.35% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Alphatec

In related news, General Counsel Tyson Eliot Marshall sold 50,232 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $10.88, for a total transaction of $546,524.16. Following the transaction, the general counsel now owns 245,638 shares in the company, valued at $2,672,541.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 22.80% of the company’s stock.

Alphatec Stock Performance

Shares of ATEC stock traded down $2.40 during trading hours on Thursday, hitting $7.70. 8,934,218 shares of the company were exchanged, compared to its average volume of 1,653,323. Alphatec Holdings, Inc. has a 52-week low of $6.97 and a 52-week high of $18.32. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -5.27 and a beta of 1.40. The company has a current ratio of 2.39, a quick ratio of 1.49 and a debt-to-equity ratio of 13.63. The firm has a fifty day simple moving average of $10.45 and a 200 day simple moving average of $12.71.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings results on Wednesday, July 31st. The medical technology company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.03). Alphatec had a negative net margin of 37.45% and a negative return on equity of 1,767.81%. The firm had revenue of $145.57 million during the quarter, compared to the consensus estimate of $144.55 million. During the same period in the previous year, the business earned ($0.43) earnings per share. The firm’s revenue for the quarter was up 24.5% on a year-over-year basis. Research analysts predict that Alphatec Holdings, Inc. will post -1.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ATEC. Morgan Stanley reduced their target price on Alphatec from $19.00 to $16.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Needham & Company LLC reiterated a “buy” rating and issued a $23.00 price objective on shares of Alphatec in a research report on Thursday. Piper Sandler cut their target price on Alphatec from $17.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $25.00 price target on shares of Alphatec in a report on Thursday, July 25th. Finally, Barclays started coverage on Alphatec in a research note on Monday, July 8th. They issued an “overweight” rating and a $19.00 target price for the company. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, Alphatec presently has an average rating of “Moderate Buy” and an average price target of $19.11.

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.