Algert Global LLC Raises Holdings in ADTRAN Holdings, Inc. $ADTN

Key Points

• Algert Global LLC increased its stake in ADTRAN Holdings by 633.3% in the first quarter, owning 157,650 shares valued at approximately $1.38 million.
• ADTRAN reported a loss of $0.26 per share in its latest earnings, missing estimates, but its revenue grew by 17.3% year-over-year to $265.07 million.
• Despite its current struggles, analysts maintain a consensus rating of "Moderate Buy" for ADTRAN, with a price target of $12.00.

Algert Global LLC increased its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 633.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,650 shares of the communications equipment provider's stock after purchasing an additional 136,150 shares during the quarter. Algert Global LLC owned 0.20% of ADTRAN worth $1,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in ADTRAN by 7.6% during the 1st quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider's stock worth $61,859,000 after purchasing an additional 501,512 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in ADTRAN during the 4th quarter worth $12,921,000. Royce & Associates LP grew its stake in ADTRAN by 188.5% during the 1st quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock worth $12,265,000 after purchasing an additional 919,000 shares in the last quarter. Invesco Ltd. boosted its position in shares of ADTRAN by 325.4% during the 1st quarter. Invesco Ltd. now owns 1,183,180 shares of the communications equipment provider's stock worth $10,317,000 after acquiring an additional 905,056 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of ADTRAN by 5.8% during the 4th quarter. Northern Trust Corp now owns 681,878 shares of the communications equipment provider's stock worth $5,680,000 after acquiring an additional 37,311 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Stock Performance

Shares of NASDAQ ADTN traded up $0.02 during trading hours on Wednesday, reaching $9.30. The stock had a trading volume of 266,961 shares, compared to its average volume of 1,093,825. The firm has a market cap of $743.40 million, a price-to-earnings ratio of -7.08 and a beta of 1.30. The company has a current ratio of 1.96, a quick ratio of 1.19 and a debt-to-equity ratio of 1.12. ADTRAN Holdings, Inc. has a fifty-two week low of $4.93 and a fifty-two week high of $12.44. The firm has a 50-day moving average of $9.02 and a 200-day moving average of $8.82.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Needham & Company LLC lowered their price objective on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Wolfe Research assumed coverage on ADTRAN in a research report on Monday, July 7th. They set a "peer perform" rating for the company. Finally, Wall Street Zen cut ADTRAN from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 10th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.