1492 Capital Management LLC Acquires 116,192 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

1492 Capital Management LLC raised its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 31.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 480,248 shares of the communications equipment provider's stock after buying an additional 116,192 shares during the quarter. ADTRAN comprises 2.3% of 1492 Capital Management LLC's portfolio, making the stock its 15th largest holding. 1492 Capital Management LLC owned approximately 0.60% of ADTRAN worth $4,188,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC purchased a new position in shares of ADTRAN during the fourth quarter worth about $300,000. Raymond James Financial Inc. purchased a new position in shares of ADTRAN during the fourth quarter worth about $2,146,000. Intech Investment Management LLC grew its holdings in shares of ADTRAN by 62.0% during the fourth quarter. Intech Investment Management LLC now owns 25,038 shares of the communications equipment provider's stock worth $209,000 after purchasing an additional 9,585 shares in the last quarter. Quantbot Technologies LP grew its holdings in shares of ADTRAN by 104.5% during the fourth quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock worth $124,000 after purchasing an additional 7,636 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of ADTRAN by 53.5% during the fourth quarter. American Century Companies Inc. now owns 172,100 shares of the communications equipment provider's stock worth $1,434,000 after purchasing an additional 59,985 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

Wall Street Analysts Forecast Growth

ADTN has been the subject of a number of recent research reports. Wall Street Zen upgraded ADTRAN from a "hold" rating to a "buy" rating in a research report on Sunday, July 20th. Rosenblatt Securities lowered their price objective on ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC lowered their price objective on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Wolfe Research assumed coverage on ADTRAN in a research report on Monday, July 7th. They issued a "peer perform" rating for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.00.

ADTRAN Stock Up 0.7%

ADTN stock traded up $0.06 during midday trading on Friday, hitting $9.23. The stock had a trading volume of 797,008 shares, compared to its average volume of 1,346,082. The firm has a market cap of $738.22 million, a price-to-earnings ratio of -5.43 and a beta of 1.32. The business has a 50-day moving average of $8.61 and a two-hundred day moving average of $9.04. ADTRAN Holdings, Inc. has a 52-week low of $4.62 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.02 and a quick ratio of 1.18.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 20.07% and a negative net margin of 14.58%. During the same period in the previous year, the business earned $0.02 EPS. The business's revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

ADTRAN Company 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.