Herald Investment Management Ltd Has $1.74 Million Stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Key Points

• Herald Investment Management Ltd reduced its position in ADTRAN Holdings, Inc. by 33.3%, selling 100,000 shares, and now holds approximately 0.25% of the company's stock valued at $1.74 million.
• ADTRAN recently reported quarterly earnings of ($0.26) per share, missing estimates, but achieved revenue of $265.07 million, exceeding expectations by 17.3% year-over-year.
• A significant number of institutional investors, including Vanguard Group and JPMorgan Chase & Co., have increased their stakes in ADTRAN, reflecting strong interest from hedge funds and institutional investors.

Herald Investment Management Ltd trimmed its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 200,000 shares of the communications equipment provider's stock after selling 100,000 shares during the quarter. Herald Investment Management Ltd owned 0.25% of ADTRAN worth $1,742,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADTN. Aquatic Capital Management LLC lifted its stake in shares of ADTRAN by 1,572.5% in the 4th quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider's stock worth $56,000 after acquiring an additional 6,290 shares during the period. FNY Investment Advisers LLC bought a new position in ADTRAN during the first quarter worth about $65,000. Ballentine Partners LLC bought a new position in ADTRAN during the 1st quarter valued at about $94,000. SIH Partners LLLP bought a new stake in ADTRAN during the 4th quarter worth approximately $107,000. Finally, CWM LLC raised its holdings in shares of ADTRAN by 159.6% in the first quarter. CWM LLC now owns 13,360 shares of the communications equipment provider's stock valued at $116,000 after buying an additional 8,214 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company's stock.

Analyst Upgrades and Downgrades

ADTN has been the subject of a number of research analyst reports. Wall Street Zen cut shares of ADTRAN from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Needham & Company LLC lowered 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. Rosenblatt Securities lowered their price target on shares of ADTRAN from $15.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Wolfe Research assumed coverage on ADTRAN in a report on Monday, July 7th. They set a "peer perform" rating for the company. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

ADTRAN Stock Up 6.0%

Shares of ADTRAN stock traded up $0.51 during midday trading on Tuesday, hitting $9.07. The company's stock had a trading volume of 592,168 shares, compared to its average volume of 1,123,481. The firm has a market capitalization of $725.42 million, a P/E ratio of -6.92 and a beta of 1.30. The stock has a 50-day simple moving average of $8.81 and a 200-day simple moving average of $8.92. The company has a quick ratio of 1.19, a current ratio of 1.96 and a debt-to-equity ratio of 1.12. ADTRAN Holdings, Inc. has a 1-year low of $4.71 and a 1-year high of $12.44.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The communications equipment provider reported ($0.26) earnings per share 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 company had revenue of $265.07 million during the quarter, compared to the consensus estimate of $255.57 million. During the same quarter in the prior year, the company posted ($0.24) earnings per share. The company's revenue for the quarter was up 17.3% on a year-over-year basis. As a group, sell-side analysts expect that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

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.