ADTRAN Holdings, Inc. (NASDAQ:ADTN) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE lifted its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 20.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 634,013 shares of the communications equipment provider's stock after buying an additional 106,601 shares during the period. Bank of America Corp DE owned approximately 0.80% of ADTRAN worth $5,281,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. BNP Paribas Financial Markets acquired a new stake in shares of ADTRAN during the fourth quarter worth about $399,000. Algert Global LLC acquired a new stake in ADTRAN in the fourth quarter valued at about $179,000. Schonfeld Strategic Advisors LLC acquired a new stake in ADTRAN in the fourth quarter valued at about $12,921,000. Northern Trust Corp lifted its position in ADTRAN by 5.8% in the fourth quarter. Northern Trust Corp now owns 681,878 shares of the communications equipment provider's stock valued at $5,680,000 after purchasing an additional 37,311 shares during the period. Finally, Tudor Investment Corp ET AL lifted its position 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 during the period. Institutional investors and hedge funds own 80.56% of the company's stock.

ADTRAN Price Performance

Shares of ADTN stock traded up $0.01 during midday trading on Thursday, reaching $8.16. 852,398 shares of the company traded hands, compared to its average volume of 935,588. The firm's 50 day simple moving average is $7.99 and its two-hundred day simple moving average is $8.95. ADTRAN Holdings, Inc. has a 1-year low of $4.62 and a 1-year high of $12.44. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The firm has a market cap of $652.62 million, a PE ratio of -1.25 and a beta of 1.33.

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

Analyst Ratings Changes

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

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.