Assenagon Asset Management S.A. Sells 807,494 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Assenagon Asset Management S.A. lessened its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 87.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,816 shares of the communications equipment provider's stock after selling 807,494 shares during the quarter. Assenagon Asset Management S.A. owned about 0.15% of ADTRAN worth $1,027,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADTN. Aquatic Capital Management LLC grew its holdings in ADTRAN by 1,572.5% during the 4th quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider's stock valued at $56,000 after buying an additional 6,290 shares in the last quarter. SIH Partners LLLP bought a new stake in shares of ADTRAN during the 4th quarter valued at about $107,000. Hsbc Holdings PLC boosted its position in shares of ADTRAN by 11.4% during the 4th quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider's stock valued at $122,000 after acquiring an additional 1,501 shares during the last quarter. Quantbot Technologies LP boosted its position in shares of ADTRAN by 104.5% during the 4th quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock valued at $124,000 after acquiring an additional 7,636 shares during the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of ADTRAN during the 4th quarter valued at about $140,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

ADTRAN Price Performance

NASDAQ ADTN traded down $0.05 on Friday, reaching $7.89. 976,918 shares of the company's stock traded hands, compared to its average volume of 835,167. ADTRAN Holdings, Inc. has a 12 month low of $4.62 and a 12 month high of $12.44. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.02 and a quick ratio of 1.18. The stock has a 50-day simple moving average of $7.89 and a 200 day simple moving average of $8.92. The stock has a market cap of $631.04 million, a PE ratio of -4.64 and a beta of 1.30.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 20.07% and a negative net margin of 14.58%. During the same period in the prior year, the company earned $0.02 earnings per share. The firm's quarterly revenue was up 9.5% on a year-over-year basis. As a group, research analysts predict that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded ADTRAN from a "hold" rating to a "buy" rating in a research report on Saturday. Needham & Company LLC dropped their price target on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Rosenblatt Securities dropped their price target on ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, ADTRAN has an average rating of "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.