ADTRAN Holdings, Inc. $ADTN Stock: Counterpoint Mutual Funds LLC Cuts Holdings

Key Points

• Counterpoint Mutual Funds LLC cut its ADTRAN stake by 90.2% in the third quarter, selling 478,102 shares and retaining 51,764 shares worth approximately $354,000. Institutional investors and hedge funds collectively own 80.56% of the company.
• ADTRAN shares opened at $6.31, near their 52-week low of $6.28 and well below the $19.98 high; the stock’s 50-day and 200-day moving averages were $7.40 and $11.69, respectively.
• The company missed quarterly earnings expectations, reporting EPS of $0.04 versus the $0.10 consensus and revenue of $281.15 million versus $290.19 million expected. Analysts hold a consensus “Hold” rating with an average price target of $14.67.

Counterpoint Mutual Funds LLC reduced its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 90.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 51,764 shares of the communications equipment provider's stock after selling 478,102 shares during the quarter. Counterpoint Mutual Funds LLC owned about 0.06% of ADTRAN worth $354,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Integrated Wealth Concepts LLC acquired a new position in ADTRAN during the second quarter worth about $27,000. Persistent Asset Partners Ltd acquired a new stake in ADTRAN in the 2nd quarter valued at about $28,000. State of Alaska Department of Revenue lifted its holdings in ADTRAN by 44.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 5,589 shares of the communications equipment provider's stock valued at $38,000 after acquiring an additional 1,717 shares during the last quarter. L2 Asset Management LLC acquired a new stake in ADTRAN in the 2nd quarter valued at about $142,000. Finally, GTS Securities LLC bought a new position in shares of ADTRAN during the 2nd quarter valued at about $162,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Stock Performance

Shares of ADTN stock opened at $6.31 on Monday. The company has a market capitalization of $514.15 million, a price-to-earnings ratio of -22.53, a P/E/G ratio of 3.86 and a beta of 1.48. ADTRAN Holdings, Inc. has a 1-year low of $6.28 and a 1-year high of $19.98. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69. The stock's fifty day simple moving average is $7.40 and its 200-day simple moving average is $11.69.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings data 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 positive return on equity of 14.24% and a negative net margin of 2.29%. The business had revenue of $281.15 million during the quarter, compared to analysts' expectations of $290.19 million. ADTRAN's quarterly revenue was up 6.0% on a year-over-year basis. On average, sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ADTN shares. Zacks Research upgraded shares of ADTRAN from a "strong sell" rating to a "hold" rating in a report on Monday, October 5th. Needham & Company LLC dropped their price target on ADTRAN from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Wall Street Zen cut ADTRAN from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Craig Hallum set a $12.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Finally, Evercore set a $11.00 target price on ADTRAN in a report on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ADTRAN currently has a consensus rating of "Hold" and an average price target of $14.67.

About ADTRAN

ADTRAN Holdings, Inc is a communications networking company that develops hardware, software and services for telecommunications providers, enterprises and private networks. Its solutions help customers deploy and manage broadband, fiber, Ethernet, fixed wireless and other access networks.

The company's portfolio includes fiber access platforms, optical networking systems, broadband gateways, routers, switches, Wi-Fi equipment, network management software and cloud-based tools. ADTRAN also provides professional, support and managed services designed to help communications service providers build and operate scalable networks.

Founded in 1985 and headquartered in Huntsville, Alabama, ADTRAN serves customers across North America, Europe and other international markets.

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