ADTRAN Holdings, Inc. $ADTN Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 845,421 ADTRAN shares in the second quarter, worth approximately $11.75 million and representing about 1.04% of the company. Institutional investors and hedge funds collectively own 80.56% of ADTRAN.
• ADTRAN reported quarterly EPS of $0.04, missing the $0.10 consensus estimate, while revenue rose 6% year over year to $281.15 million. Shares opened at $7.13, near the company’s 12-month low of $6.84.
• Analyst sentiment is mixed, with four Buy, one Hold, and two Sell ratings; the stock has an overall Hold rating and a consensus price target of $14.67.

Bank of America Corp DE bought a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 845,421 shares of the communications equipment provider's stock, valued at approximately $11,751,000. Bank of America Corp DE owned about 1.04% of ADTRAN at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Persistent Asset Partners Ltd bought a new stake in shares of ADTRAN during the second quarter valued at approximately $28,000. Swiss National Bank lifted its holdings in ADTRAN by 2.1% during the 1st quarter. Swiss National Bank now owns 142,600 shares of the communications equipment provider's stock worth $1,794,000 after buying an additional 2,900 shares in the last quarter. Entropy Technologies LP lifted its holdings in ADTRAN by 53.6% during the 1st quarter. Entropy Technologies LP now owns 15,793 shares of the communications equipment provider's stock worth $199,000 after buying an additional 5,510 shares in the last quarter. Quantinno Capital Management LP boosted its position in ADTRAN by 18.7% in the 1st quarter. Quantinno Capital Management LP now owns 52,455 shares of the communications equipment provider's stock valued at $660,000 after buying an additional 8,281 shares during the last quarter. Finally, L2 Asset Management LLC bought a new position in ADTRAN in the 2nd quarter valued at $142,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Trading Up 2.9%

ADTN opened at $7.13 on Friday. The firm's fifty day moving average is $8.06 and its two-hundred day moving average is $12.14. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79. The firm has a market cap of $580.95 million, a PE ratio of -25.46, a price-to-earnings-growth ratio of 4.25 and a beta of 1.47. ADTRAN Holdings, Inc. has a twelve month low of $6.84 and a twelve month high of $19.98.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The firm had revenue of $281.15 million during the quarter, compared to analyst estimates of $290.19 million. ADTRAN's revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts anticipate that ADTRAN Holdings, Inc. will post 0.16 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently commented on ADTN. Wall Street Zen cut ADTRAN from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Rosenblatt Securities decreased their price target on ADTRAN from $20.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings cut ADTRAN from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 16th. Needham & Company LLC lowered their price objective on ADTRAN from $18.00 to $14.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Finally, B. Riley Financial reissued a "buy" rating and set a $21.00 price objective (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, ADTRAN currently has an average rating of "Hold" and a consensus target price of $14.67.

ADTRAN Profile

ADTRAN Holdings, Inc NASDAQ: ADTN is a provider of networking and communications equipment, software and services for telecommunications companies, broadband providers, enterprises and government organizations. The company develops solutions that help service providers build and manage high-speed access networks, including fiber, fixed wireless and other broadband technologies.

Its portfolio includes access and aggregation platforms, optical networking systems, routers, switches, Wi-Fi equipment, cloud and network management software, and related professional and support services.

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