Algert Global LLC Boosts Stock Position 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 lifted its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 633.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 157,650 shares of the communications equipment provider's stock after buying an additional 136,150 shares during the period. Algert Global LLC owned approximately 0.20% of ADTRAN worth $1,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in ADTRAN by 762.1% during the first quarter. GAMMA Investing LLC now owns 27,355 shares of the communications equipment provider's stock worth $239,000 after acquiring an additional 24,182 shares during the last quarter. Lisanti Capital Growth LLC purchased a new position in shares of ADTRAN during the 1st quarter worth $1,880,000. BNP Paribas Financial Markets purchased a new position in shares of ADTRAN during the 4th quarter worth $399,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ADTRAN by 310.7% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 167,590 shares of the communications equipment provider's stock worth $1,461,000 after purchasing an additional 126,783 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of ADTRAN by 560.1% during the 1st quarter. SG Americas Securities LLC now owns 233,837 shares of the communications equipment provider's stock worth $2,039,000 after purchasing an additional 198,413 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Stock Up 0.4%

NASDAQ ADTN traded up $0.04 during trading hours on Thursday, hitting $9.38. 122,227 shares of the company were exchanged, compared to its average volume of 1,089,423. The company has a quick ratio of 1.19, a current ratio of 1.96 and a debt-to-equity ratio of 1.12. The firm has a market cap of $750.13 million, a price-to-earnings ratio of -7.13 and a beta of 1.30. The company has a 50 day moving average of $9.05 and a two-hundred day moving average of $8.82. ADTRAN Holdings, Inc. has a 52-week low of $4.93 and a 52-week high of $12.44.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADTN. Wolfe Research initiated coverage on shares of ADTRAN in a research note on Monday, July 7th. They set a "peer perform" rating for the company. Needham & Company LLC decreased their price objective on shares of ADTRAN from $14.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Wall Street Zen downgraded shares of ADTRAN from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 10th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average 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.