Mackenzie Financial Corp Buys Shares of 75,655 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Mackenzie Financial Corp bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 75,655 shares of the communications equipment provider's stock, valued at approximately $660,000. Mackenzie Financial Corp owned about 0.09% of ADTRAN as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ADTN. Schonfeld Strategic Advisors LLC acquired a new stake in shares of ADTRAN in the fourth quarter worth $12,921,000. Royce & Associates LP lifted its stake in shares of ADTRAN by 188.5% in the first quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock worth $12,265,000 after buying an additional 919,000 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ADTRAN by 591.5% in the fourth quarter. JPMorgan Chase & Co. now owns 863,807 shares of the communications equipment provider's stock worth $7,196,000 after buying an additional 738,893 shares during the last quarter. 1492 Capital Management LLC acquired a new stake in shares of ADTRAN in the fourth quarter worth $3,033,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of ADTRAN in the fourth quarter worth $2,146,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Stock Performance

ADTRAN stock traded down $0.12 on Friday, hitting $8.59. The company's stock had a trading volume of 777,519 shares, compared to its average volume of 1,367,080. The firm has a market cap of $687.03 million, a P/E ratio of -6.56 and a beta of 1.30. The company has a quick ratio of 1.18, a current ratio of 1.96 and a debt-to-equity ratio of 1.12. The company has a fifty day moving average price of $8.81 and a 200-day moving average price of $8.94. ADTRAN Holdings, Inc. has a one year low of $4.66 and a one year high of $12.44.

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

Analyst Ratings Changes

ADTN has been the subject of a number of analyst reports. Rosenblatt Securities reduced their price objective on shares of ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Needham & Company LLC reduced their price objective on shares of ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Wolfe Research initiated coverage on shares of ADTRAN in a research report on Monday, July 7th. They set a "peer perform" rating on the stock. Finally, Wall Street Zen cut shares of ADTRAN from a "strong-buy" rating to a "buy" rating in a research note on Sunday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, ADTRAN currently has an average rating of "Moderate Buy" and a consensus target price of $12.00.

ADTRAN Company 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.