DnB Asset Management AS Reduces Stake in ADTRAN Holdings, Inc. $ADTN

Key Points

• DnB Asset Management AS has reduced its stake in ADTRAN Holdings by 29.3%, now holding approximately 3.55 million shares valued at $30.97 million.
• ADTRAN's recent earnings report showed a loss of ($0.26) EPS, missing estimates, although revenue increased 17.3% year-over-year.
• Analysts have given ADTRAN an average rating of "Moderate Buy" with a price target of $12.00, despite some firms downgrading the stock from "buy" to "hold."

DnB Asset Management AS trimmed its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 29.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,551,606 shares of the communications equipment provider's stock after selling 1,470,786 shares during the quarter. DnB Asset Management AS owned 4.44% of ADTRAN worth $30,970,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of ADTRAN by 762.1% during the first quarter. GAMMA Investing LLC now owns 27,355 shares of the communications equipment provider's stock valued at $239,000 after purchasing an additional 24,182 shares during the period. Lisanti Capital Growth LLC purchased a new stake in shares of ADTRAN during the first quarter valued at $1,880,000. Swiss National Bank purchased a new stake in shares of ADTRAN during the first quarter valued at $1,273,000. Invesco Ltd. boosted its stake in shares of ADTRAN by 325.4% during 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 during the period. Finally, Ieq Capital LLC purchased a new stake in shares of ADTRAN during the first quarter valued at $209,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

ADTRAN Stock Down 0.9%

ADTRAN stock traded down $0.10 during trading hours on Wednesday, reaching $10.28. The stock had a trading volume of 208,137 shares, compared to its average volume of 1,082,982. The company has a market cap of $821.79 million, a price-to-earnings ratio of -7.84 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.96 and a quick ratio of 1.19. The business's 50 day moving average price is $9.24 and its 200-day moving average price is $8.69. ADTRAN Holdings, Inc. has a 52 week low of $4.97 and a 52 week high of $12.44.

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

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.