Charles Schwab Investment Management Inc. Lowers Stock Position in ADTRAN Holdings, Inc. $ADTN

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in ADTRAN Holdings by 7.0%, now holding 704,272 shares worth approximately $6.14 million.
• During the 1st quarter, other institutional investors significantly increased their positions in ADTRAN, with GAMMA Investing LLC raising its stake by 762.1%.
• ADTRAN's stock opened at $9.34 with a market cap of $747.01 million, despite a reported loss of ($0.26) EPS in its last earnings report.

Charles Schwab Investment Management Inc. cut its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 7.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 704,272 shares of the communications equipment provider's stock after selling 52,626 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.88% of ADTRAN worth $6,141,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aquatic Capital Management LLC increased its holdings in shares of ADTRAN by 1,572.5% during the fourth quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider's stock valued at $56,000 after acquiring an additional 6,290 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in ADTRAN in the 1st quarter worth about $65,000. Ballentine Partners LLC bought a new stake in ADTRAN in the 1st quarter worth about $94,000. CWM LLC increased its holdings in ADTRAN by 159.6% in the 1st quarter. CWM LLC now owns 13,360 shares of the communications equipment provider's stock worth $116,000 after buying an additional 8,214 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in ADTRAN in the 1st quarter worth about $124,000. 80.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on ADTN shares. Needham & Company LLC reduced their price objective on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a report on Friday, May 9th. Wall Street Zen downgraded ADTRAN from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Wolfe Research started coverage on ADTRAN in a report on Monday, July 7th. They issued a "peer perform" rating for the company. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.00.

ADTRAN Stock Performance

NASDAQ:ADTN traded up $0.01 on Tuesday, hitting $9.39. The stock had a trading volume of 555,154 shares, compared to its average volume of 935,282. The stock has a market cap of $751.01 million, a price-to-earnings ratio of -7.17 and a beta of 1.39. 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 business's 50-day simple moving average is $9.15 and its two-hundred day simple moving average is $8.75. 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 earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). The firm had revenue of $265.07 million during the quarter, compared to analysts' expectations of $255.57 million. ADTRAN had a negative return on equity of 10.09% and a negative net margin of 11.02%.The company's revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.24) earnings per share. As a group, research analysts predict that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

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.