Cubist Systematic Strategies LLC Buys 274,510 Shares of ADTRAN Holdings, Inc. $ADTN

Key Points

• Cubist Systematic Strategies LLC increased its holdings in ADTRAN by 157.3%, acquiring a total of 449,058 shares worth approximately $3.9 million, highlighting strong institutional interest in the company.
• Analyst ratings for ADTRAN reflect a mixed outlook, with four analysts giving a "buy" rating and one a "hold", while the average target price has been lowered to $12.00.
• ADTRAN reported a loss of $0.26 EPS in its latest earnings release, missing estimates, despite a year-over-year revenue increase of 17.3% to $265.07 million.

Cubist Systematic Strategies LLC grew its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 157.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 449,058 shares of the communications equipment provider's stock after purchasing an additional 274,510 shares during the period. Cubist Systematic Strategies LLC owned about 0.56% of ADTRAN worth $3,916,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ADTN. Vanguard Group Inc. increased its position in shares of ADTRAN by 7.6% during the first quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider's stock worth $61,859,000 after acquiring an additional 501,512 shares in the last quarter. Royce & Associates LP grew its position in ADTRAN by 188.5% in the first quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock valued at $12,265,000 after purchasing an additional 919,000 shares in the last quarter. Invesco Ltd. grew its position in ADTRAN by 325.4% in the first quarter. Invesco Ltd. now owns 1,183,180 shares of the communications equipment provider's stock valued at $10,317,000 after purchasing an additional 905,056 shares in the last quarter. Northern Trust Corp grew its position in ADTRAN by 5.8% in the fourth quarter. Northern Trust Corp now owns 681,878 shares of the communications equipment provider's stock valued at $5,680,000 after purchasing an additional 37,311 shares in the last quarter. Finally, Bank of America Corp DE grew its position in ADTRAN by 20.2% in the fourth quarter. Bank of America Corp DE now owns 634,013 shares of the communications equipment provider's stock valued at $5,281,000 after purchasing an additional 106,601 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN traded up $0.15 during trading on Tuesday, reaching $10.35. 906,937 shares of the stock were exchanged, compared to its average volume of 1,086,543. ADTRAN Holdings, Inc. has a 12 month low of $4.93 and a 12 month high of $12.44. The stock has a 50-day moving average price of $9.21 and a 200-day moving average price of $8.68. The company has a current ratio of 1.96, a quick ratio of 1.19 and a debt-to-equity ratio of 1.12. The firm has a market cap of $827.39 million, a PE ratio of -7.90 and a beta of 1.39.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.27). ADTRAN had a negative return on equity of 10.09% and a negative net margin of 11.02%.The firm had revenue of $265.07 million for the quarter, compared to the consensus estimate of $255.57 million. During the same quarter last year, the business posted ($0.24) EPS. ADTRAN's revenue for the quarter was up 17.3% on a year-over-year basis. Research analysts expect that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of ADTRAN from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Wolfe Research began coverage on shares of ADTRAN in a research note on Monday, July 7th. They issued a "peer perform" rating for the company. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, ADTRAN presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

About ADTRAN

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.