Squarepoint Ops LLC Reduces Holdings in ADTRAN Holdings, Inc. $ADTN

Key Points

• Squarepoint Ops LLC reduced its ADTRAN stake by 30.5% in the second quarter, selling 270,574 shares and retaining 617,388 shares worth approximately $8.6 million. Institutional investors and hedge funds collectively own 80.56% of the company.
• ADTRAN shares opened at $7.18, near their 52-week low of $7.02 and well below the 52-week high of $19.98. The company’s latest quarterly results missed estimates, with earnings of $0.04 per share versus $0.10 expected and revenue of $281.15 million versus $290.19 million forecast.
• Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $14.67. Four analysts rate the stock a Buy, one rates it Hold, and two rate it Sell, including a recent “strong sell” downgrade from Zacks Research.

Squarepoint Ops LLC cut its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 30.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 617,388 shares of the communications equipment provider's stock after selling 270,574 shares during the quarter. Squarepoint Ops LLC owned 0.76% of ADTRAN worth $8,582,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Franklin Resources Inc. lifted its holdings in ADTRAN by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider's stock worth $693,000 after buying an additional 1,263 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of ADTRAN by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider's stock valued at $408,000 after acquiring an additional 1,946 shares in the last quarter. Occudo Quantitative Strategies LP increased its position in shares of ADTRAN by 3.2% during the third quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider's stock worth $616,000 after acquiring an additional 2,016 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of ADTRAN during the second quarter worth about $28,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of ADTRAN by 1.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider's stock worth $1,632,000 after acquiring an additional 2,068 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Stock Down 0.3%

Shares of ADTRAN stock opened at $7.18 on Friday. The business has a 50-day moving average price of $9.25 and a 200 day moving average price of $12.38. ADTRAN Holdings, Inc. has a fifty-two week low of $7.02 and a fifty-two week high of $19.98. The firm has a market cap of $585.03 million, a P/E ratio of -25.64, a P/E/G ratio of 4.41 and a beta of 1.47. The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADTN. Northland Securities set a $15.00 price target on ADTRAN in a report on Wednesday, August 5th. Evercore set a $11.00 target price on ADTRAN in a research report on Wednesday, August 5th. Craig Hallum set a $12.00 target price on ADTRAN in a research note on Wednesday, August 5th. Weiss Ratings reissued a "sell (d-)" rating on shares of ADTRAN in a research report on Tuesday, June 30th. Finally, Zacks Research cut shares of ADTRAN from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, ADTRAN has an average rating of "Hold" and a consensus target price of $14.67.

ADTRAN Company 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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