Millennium Management LLC Sells 99,625 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Millennium Management LLC cut its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,064,589 shares of the communications equipment provider's stock after selling 99,625 shares during the quarter. Millennium Management LLC owned about 1.34% of ADTRAN worth $8,868,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Catalyst Funds Management Pty Ltd increased its stake in ADTRAN by 6.0% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider's stock valued at $190,000 after purchasing an additional 1,300 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of ADTRAN by 11.4% during the fourth quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider's stock worth $122,000 after acquiring an additional 1,501 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in ADTRAN by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,821 shares of the communications equipment provider's stock valued at $373,000 after acquiring an additional 1,605 shares in the last quarter. Tudor Investment Corp ET AL grew its stake in ADTRAN by 0.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 278,489 shares of the communications equipment provider's stock valued at $2,320,000 after purchasing an additional 1,670 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its position in shares of ADTRAN by 2.5% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 220,401 shares of the communications equipment provider's stock worth $1,829,000 after purchasing an additional 5,382 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company's stock.

ADTRAN Price Performance

NASDAQ:ADTN traded down $0.09 on Friday, hitting $8.08. The company had a trading volume of 211,667 shares, compared to its average volume of 1,089,130. ADTRAN Holdings, Inc. has a 52 week low of $4.62 and a 52 week high of $12.44. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $645.82 million, a price-to-earnings ratio of -1.24 and a beta of 1.33. The firm has a 50 day moving average of $7.97 and a two-hundred day moving average of $8.95.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.05. ADTRAN had a negative return on equity of 38.62% and a negative net margin of 56.95%. The firm's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 earnings per share. On average, research analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on ADTN. Needham & Company LLC cut their price target on shares of ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Rosenblatt Securities reduced their target price on ADTRAN from $15.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, ADTRAN currently has an average rating of "Moderate Buy" and an average target price of $12.00.

ADTRAN Company Profile

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.