Quantbot Technologies LP Boosts Position in ADTRAN Holdings, Inc. $ADTN

Key Points

• Quantbot Technologies LP significantly increased its stake in ADTRAN Holdings, Inc. by 753.7%, acquiring an additional 112,644 shares in the first quarter, bringing its total ownership to about 0.16% valued at $1.11 million.
• ADTRAN reported a loss of $0.26 earnings per share (EPS) for the last quarter, missing estimates, despite a 17.3% revenue increase year-over-year, totaling $265.07 million.
• The average price target for ADTRAN stock from analysts is set at $12.00, with ratings indicating a Moderate Buy from four equities research analysts.

Quantbot Technologies LP lifted its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 753.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,589 shares of the communications equipment provider's stock after purchasing an additional 112,644 shares during the quarter. Quantbot Technologies LP owned about 0.16% of ADTRAN worth $1,113,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of ADTRAN by 7.6% during 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 purchasing an additional 501,512 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of ADTRAN during the fourth quarter valued at approximately $12,921,000. Royce & Associates LP boosted its holdings 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 worth $12,265,000 after acquiring an additional 919,000 shares in the last quarter. Invesco Ltd. boosted its holdings in ADTRAN by 325.4% in the first quarter. Invesco Ltd. now owns 1,183,180 shares of the communications equipment provider's stock worth $10,317,000 after acquiring an additional 905,056 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in ADTRAN by 5.8% in the fourth quarter. Northern Trust Corp now owns 681,878 shares of the communications equipment provider's stock worth $5,680,000 after acquiring an additional 37,311 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Needham & Company LLC dropped their target price on ADTRAN from $14.00 to $12.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Wall Street Zen downgraded ADTRAN from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 10th. Finally, Wolfe Research assumed coverage on ADTRAN in a report on Monday, July 7th. They issued a "peer perform" rating on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, ADTRAN has an average rating of "Moderate Buy" and a consensus target price of $12.00.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN traded down $0.01 during midday trading on Thursday, reaching $9.34. 328,550 shares of the company's stock traded hands, compared to its average volume of 1,090,712. The company has a market cap of $746.61 million, a price-to-earnings ratio of -7.12 and a beta of 1.30. 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 Holdings, Inc. has a one year low of $4.93 and a one year high of $12.44. The stock has a 50 day moving average of $9.05 and a 200 day moving average of $8.82.

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 analysts' consensus estimates of $0.01 by ($0.27). The business had revenue of $265.07 million for 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 revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.24) earnings per share. As a group, equities research analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal 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.