Renaissance Technologies LLC Has $2.73 Million Holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Renaissance Technologies LLC reduced its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 18.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 328,240 shares of the communications equipment provider's stock after selling 72,100 shares during the quarter. Renaissance Technologies LLC owned about 0.41% of ADTRAN worth $2,734,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ADTN. State Street Corp boosted its position in ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock valued at $10,484,000 after buying an additional 48,542 shares during the last quarter. Barclays PLC boosted its holdings in ADTRAN by 11.4% in the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider's stock valued at $686,000 after acquiring an additional 11,880 shares during the last quarter. Geode Capital Management LLC increased its position in ADTRAN by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock worth $10,736,000 after purchasing an additional 63,960 shares during the period. JPMorgan Chase & Co. increased its position in ADTRAN by 12.1% in the third quarter. JPMorgan Chase & Co. now owns 124,914 shares of the communications equipment provider's stock worth $741,000 after purchasing an additional 13,478 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in ADTRAN by 39.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider's stock worth $7,708,000 after purchasing an additional 263,156 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company's stock.

ADTRAN Trading Down 1.2 %

NASDAQ ADTN traded down $0.09 during trading on Wednesday, reaching $7.66. 805,919 shares of the stock traded hands, compared to its average volume of 932,243. ADTRAN Holdings, Inc. has a fifty-two week low of $4.34 and a fifty-two week high of $12.44. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The firm has a market cap of $612.51 million, a price-to-earnings ratio of -1.18 and a beta of 1.46. The stock's 50-day moving average price is $8.64 and its 200 day moving average price is $8.73.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Craig Hallum assumed coverage on shares of ADTRAN in a research report on Wednesday, January 8th. They set a "buy" rating and a $15.00 price target for the company. Rosenblatt Securities reduced their price objective on shares of ADTRAN from $15.00 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC upped their target price on shares of ADTRAN from $11.00 to $14.00 and gave the company a "buy" rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $12.50.

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.