Kerrisdale Advisers LLC Has $980,000 Stock Holdings in ADTRAN Holdings, Inc. $ADTN

Key Points

• Kerrisdale Advisers cut its ADTRAN holdings by 87.2% in the second quarter, selling 481,491 shares and retaining 70,519 shares valued at approximately $980,000.
• ADTRAN’s stock opened at $7.72, near its 12-month low of $7.11 and well below its 50-day and 200-day moving averages. Institutional investors collectively own 80.56% of the company.
• The company reported quarterly earnings of $0.04 per share, below the $0.10 consensus estimate, while revenue rose 6% year over year to $281.15 million. Analysts have an overall “Hold” rating and an average price target of $14.67.

Kerrisdale Advisers LLC trimmed its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 87.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 70,519 shares of the communications equipment provider's stock after selling 481,491 shares during the period. Kerrisdale Advisers LLC owned approximately 0.09% of ADTRAN worth $980,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Persistent Asset Partners Ltd acquired a new position in ADTRAN in the second quarter worth about $28,000. Quarry LP bought a new stake in shares of ADTRAN in the 3rd quarter valued at approximately $36,000. Kestra Advisory Services LLC acquired a new position in shares of ADTRAN in the 4th quarter worth approximately $36,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of ADTRAN in the 4th quarter worth approximately $47,000. Finally, Freestone Grove Partners LP bought a new position in shares of ADTRAN during the 4th quarter worth approximately $87,000. Institutional investors own 80.56% of the company's stock.

ADTRAN Price Performance

ADTRAN stock opened at $7.72 on Monday. The business's 50-day simple moving average is $10.44 and its 200 day simple moving average is $12.56. The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69. The stock has a market cap of $629.03 million, a price-to-earnings ratio of -27.57 and a beta of 1.47. ADTRAN Holdings, Inc. has a 12-month low of $7.11 and a 12-month high of $19.98.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADTN. Wall Street Zen downgraded shares of ADTRAN from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Craig Hallum set a $12.00 price objective on shares of ADTRAN in a report on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of ADTRAN in a report on Tuesday, June 30th. Rosenblatt Securities cut their price objective on ADTRAN from $20.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Finally, B. Riley Financial reissued a "buy" rating and issued a $21.00 price objective (down from $23.00) on shares of ADTRAN in a research note on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $14.67.

ADTRAN 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.

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