Gratia Capital LLC Takes Position in ADTRAN Holdings, Inc. $ADTN

Key Points

• Gratia Capital purchased 250,492 ADTRAN shares worth approximately $3.48 million, giving it a 0.31% stake and making ADTRAN its 11th-largest holding. Institutional investors collectively own 80.56% of the company.
• Analyst sentiment is mixed: ADTRAN has a consensus “Hold” rating and an average price target of $14.67, while recent targets range from $11 to $15 and Zacks downgraded the stock to “strong sell.”
• ADTRAN shares opened at $7.20 after declining 5%, near their 52-week low of $7.04. The company’s latest quarter missed estimates, reporting $0.04 EPS versus $0.10 expected and revenue of $281.15 million versus $290.19 million forecast.

Gratia Capital LLC purchased a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 250,492 shares of the communications equipment provider's stock, valued at approximately $3,482,000. ADTRAN comprises 2.1% of Gratia Capital LLC's holdings, making the stock its 11th biggest holding. Gratia Capital LLC owned about 0.31% of ADTRAN at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new position in shares of ADTRAN in the second quarter worth about $27,000. Persistent Asset Partners Ltd acquired a new stake in shares of ADTRAN in the second quarter valued at approximately $28,000. Quarry LP bought a new position in ADTRAN in the 3rd quarter worth approximately $36,000. Kestra Advisory Services LLC acquired a new position in ADTRAN during the 4th quarter worth $36,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in ADTRAN in the 4th quarter valued at $47,000. Institutional investors own 80.56% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ADTN. Rosenblatt Securities cut their price target on ADTRAN from $20.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Northland Securities set a $15.00 target price on shares of ADTRAN in a research report on Wednesday, August 5th. Evercore set a $11.00 price target on shares of ADTRAN in a research report on Wednesday, August 5th. Zacks Research lowered shares of ADTRAN from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of ADTRAN in a report on Tuesday, June 30th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $14.67.

ADTRAN Trading Down 5.0%

ADTN opened at $7.20 on Thursday. The firm's fifty day moving average is $9.36 and its two-hundred day moving average is $12.40. The firm has a market cap of $586.66 million, a PE ratio of -25.71, a price-to-earnings-growth ratio of 4.64 and a beta of 1.47. ADTRAN Holdings, Inc. has a twelve month low of $7.04 and a twelve month high of $19.98. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). The firm had revenue of $281.15 million during the quarter, compared to analyst estimates of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. ADTRAN's revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts anticipate that ADTRAN Holdings, Inc. will post 0.16 EPS for the current year.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company's product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.

Want to see what other hedge funds are holding ADTN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.