Man Group plc Purchases Shares of 65,812 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Man Group plc acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 65,812 shares of the communications equipment provider's stock, valued at approximately $548,000. Man Group plc owned about 0.08% of ADTRAN at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADTN. Aquatic Capital Management LLC grew its position in 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 purchasing an additional 6,290 shares during the last quarter. SIH Partners LLLP bought a new stake in shares of ADTRAN in the 4th quarter worth about $107,000. Hsbc Holdings PLC boosted its position in ADTRAN by 11.4% in the fourth quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider's stock valued at $122,000 after buying an additional 1,501 shares in the last quarter. Quantbot Technologies LP boosted its holdings in shares of ADTRAN by 104.5% in the 4th quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock worth $124,000 after acquiring an additional 7,636 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of ADTRAN during the fourth quarter worth $140,000. Institutional investors and hedge funds own 80.56% of the company's stock.

ADTRAN Stock Up 1.5%

Shares of NASDAQ ADTN traded up $0.12 during mid-day trading on Wednesday, reaching $8.15. 788,596 shares of the company's stock were exchanged, compared to its average volume of 935,069. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN Holdings, Inc. has a twelve month low of $4.62 and a twelve month high of $12.44. The business has a fifty day simple moving average of $8.01 and a 200 day simple moving average of $8.96. The firm has a market capitalization of $651.82 million, a price-to-earnings ratio of -1.25 and a beta of 1.33.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.05. ADTRAN had a negative return on equity of 38.62% and a negative net margin of 56.95%. During the same period last year, the business earned $0.02 EPS. The company's quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities analysts expect that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ADTN. Rosenblatt Securities lowered their target price on 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 decreased their target price on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock 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.