Crestline Management LP Takes $2 Million Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Crestline Management LP acquired a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 239,594 shares of the communications equipment provider's stock, valued at approximately $1,996,000. Crestline Management LP owned about 0.30% of ADTRAN at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ADTN. Barclays PLC increased its position in shares of ADTRAN by 11.4% during the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider's stock worth $686,000 after purchasing an additional 11,880 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of ADTRAN by 12.1% in the third quarter. JPMorgan Chase & Co. now owns 124,914 shares of the communications equipment provider's stock valued at $741,000 after buying an additional 13,478 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in ADTRAN by 39.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider's stock valued at $7,708,000 after acquiring an additional 263,156 shares in the last quarter. SG Americas Securities LLC lifted its stake in ADTRAN by 24.7% in the 4th quarter. SG Americas Securities LLC now owns 35,424 shares of the communications equipment provider's stock worth $295,000 after purchasing an additional 7,011 shares in the last quarter. Finally, Kovack Advisors Inc. increased its holdings in shares of ADTRAN by 2.7% in the fourth quarter. Kovack Advisors Inc. now owns 799,950 shares of the communications equipment provider's stock valued at $6,664,000 after purchasing an additional 21,100 shares during the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

ADTRAN Trading Up 2.6%

Shares of NASDAQ:ADTN traded up $0.22 during midday trading on Tuesday, reaching $8.53. 231,321 shares of the company's stock were exchanged, compared to its average volume of 1,149,678. The stock has a market cap of $682.08 million, a price-to-earnings ratio of -1.31 and a beta of 1.33. ADTRAN Holdings, Inc. has a fifty-two week low of $4.62 and a fifty-two week high of $12.44. The firm's 50 day simple moving average is $8.21 and its two-hundred day simple moving average is $8.86. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.05. ADTRAN had a negative net margin of 56.95% and a negative return on equity of 38.62%. The company's revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.02 earnings per share. As a group, sell-side analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADTN. Rosenblatt Securities reduced their price target on ADTRAN from $15.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC dropped their price target on shares of ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Friday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.00.

ADTRAN Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.