Granahan Investment Management LLC Purchases Shares of 36,093 ADTRAN Holdings, Inc. $ADTN

Key Points

• Granahan Investment Management LLC purchased 36,093 shares of ADTRAN Holdings, Inc., valued at approximately $315,000, highlighting increased institutional interest in the company.
• A recent earnings report showed that ADTRAN posted a loss of ($0.26) EPS for the quarter, missing analyst expectations, despite revenue rising 17.3% year-over-year.
• Wall Street analysts have mixed ratings for ADTRAN, with a consensus rating of "Moderate Buy" and an average price target set at $12.00.

Granahan Investment Management LLC bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 36,093 shares of the communications equipment provider's stock, valued at approximately $315,000.

Several other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in ADTRAN by 253.7% during the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider's stock valued at $3,039,000 after purchasing an additional 249,954 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in ADTRAN during the first quarter valued at approximately $3,883,000. Cubist Systematic Strategies LLC raised its position in ADTRAN by 157.3% during the first quarter. Cubist Systematic Strategies LLC now owns 449,058 shares of the communications equipment provider's stock valued at $3,916,000 after purchasing an additional 274,510 shares in the last quarter. Apis Capital Advisors LLC acquired a new position in ADTRAN during the first quarter valued at approximately $3,793,000. Finally, Graham Capital Management L.P. raised its position in ADTRAN by 38.5% during the first quarter. Graham Capital Management L.P. now owns 78,652 shares of the communications equipment provider's stock valued at $686,000 after purchasing an additional 21,863 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Price Performance

ADTRAN stock traded down $0.04 during mid-day trading on Wednesday, reaching $10.33. The company had a trading volume of 649,524 shares, compared to its average volume of 1,085,014. 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 $4.97 and a fifty-two week high of $12.44. The business has a fifty day simple moving average of $9.24 and a 200 day simple moving average of $8.69. The company has a market cap of $825.87 million, a P/E ratio of -7.88 and a beta of 1.39.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly 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). ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The business had revenue of $265.07 million during the quarter, compared to analyst estimates of $255.57 million. During the same quarter last year, the company posted ($0.24) earnings per share. The company's revenue was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on ADTN. Wolfe Research began coverage on shares of ADTRAN in a research report on Monday, July 7th. They set a "peer perform" rating for the company. Wall Street Zen downgraded shares of ADTRAN from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.00.

ADTRAN 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.