ADTRAN Holdings, Inc. $ADTN Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its ADTRAN stake by 89.6% in the third quarter, selling 822,642 shares and retaining 95,112 shares valued at approximately $650,000.
• ADTRAN shares opened at $6.45, near their 52-week low of $6.28 and well below the 52-week high of $19.98. The company’s latest quarterly results missed analyst expectations, with EPS of $0.04 versus $0.10 estimated and revenue of $281.15 million versus $290.19 million expected.
• Analyst sentiment is mixed, with four Buy, two Hold and one Sell rating; the stock carries an overall “Hold” consensus and an average price target of $14.67.

Assenagon Asset Management S.A. lowered its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 89.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,112 shares of the communications equipment provider's stock after selling 822,642 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.12% of ADTRAN worth $650,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ADTN. State of Alaska Department of Revenue increased its holdings in ADTRAN by 44.3% in the third quarter. State of Alaska Department of Revenue now owns 5,589 shares of the communications equipment provider's stock valued at $38,000 after buying an additional 1,717 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of ADTRAN in the 2nd quarter valued at about $27,000. Persistent Asset Partners Ltd acquired a new stake in shares of ADTRAN during the 2nd quarter worth about $28,000. Swiss National Bank raised its position in shares of 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 acquiring an additional 2,900 shares in the last quarter. Finally, Entropy Technologies LP raised its position in shares of 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 acquiring an additional 5,510 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

ADTRAN Stock Performance

Shares of ADTN opened at $6.45 on Friday. 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 stock has a market capitalization of $525.55 million, a P/E ratio of -23.03, a P/E/G ratio of 4.10 and a beta of 1.48. The company's fifty day moving average is $7.29 and its two-hundred day moving average is $11.51. ADTRAN Holdings, Inc. has a 1 year low of $6.28 and a 1 year high of $19.98.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. The company's revenue for the quarter was up 6.0% compared to the same quarter last year. On average, sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADTN. Wall Street Zen lowered shares of ADTRAN from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Zacks Research upgraded shares of ADTRAN from a "strong sell" rating to a "hold" rating in a research note on Monday, October 5th. Weiss Ratings downgraded shares of ADTRAN from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, September 16th. B. Riley Financial reaffirmed 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. Finally, Rosenblatt Securities cut their target price on ADTRAN from $20.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.67.

ADTRAN Profile

ADTRAN Holdings, Inc NASDAQ: ADTN is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.

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