Invesco Ltd. Buys 905,056 Shares of ADTRAN Holdings, Inc. $ADTN

Key Points

• Invesco Ltd. increased its holdings in ADTRAN Holdings, Inc. by 325.4%, acquiring an additional 905,056 shares, bringing its total to 1,183,180 shares, valued at approximately $10.3 million.
• ADTRAN reported a quarterly loss of ($0.26) EPS, missing analysts' expectations, but achieved a 17.3% year-over-year revenue growth with $265.07 million in revenue for the quarter.
• Institutional investors own 80.56% of ADTRAN's stock, with notable positions held by firms like Vanguard and Royce & Associates, indicating strong institutional interest in the company.

Invesco Ltd. raised its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 325.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,183,180 shares of the communications equipment provider's stock after buying an additional 905,056 shares during the quarter. Invesco Ltd. owned 1.48% of ADTRAN worth $10,317,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ADTN. Schonfeld Strategic Advisors LLC acquired a new position in ADTRAN in the fourth quarter valued at approximately $12,921,000. Royce & Associates LP lifted its stake in ADTRAN by 188.5% in the first quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock valued at $12,265,000 after buying an additional 919,000 shares during the period. Vanguard Group Inc. lifted its stake in ADTRAN by 7.6% in the first quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider's stock valued at $61,859,000 after buying an additional 501,512 shares during the period. Raymond James Financial Inc. acquired a new position in ADTRAN in the fourth quarter valued at approximately $2,146,000. Finally, Crestline Management LP acquired a new position in ADTRAN in the fourth quarter valued at approximately $1,996,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

ADTRAN Stock Down 0.7%

Shares of NASDAQ ADTN traded down $0.07 during midday trading on Friday, hitting $9.38. 1,258,750 shares of the stock traded hands, compared to its average volume of 991,213. The company has a market cap of $750.21 million, a PE ratio of -7.16 and a beta of 1.30. ADTRAN Holdings, Inc. has a one year low of $4.93 and a one year high of $12.44. The business has a 50 day moving average price of $9.11 and a two-hundred day moving average price of $8.78. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.19 and a current ratio of 1.96.

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 return on equity of 10.09% and a negative net margin of 11.02%.The company had revenue of $265.07 million for the quarter, compared to the consensus estimate of $255.57 million. During the same quarter last year, the company posted ($0.24) EPS. The company's quarterly revenue was up 17.3% compared to the same quarter last year. On average, equities analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS 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.