Shellback Capital LP Makes New $1.65 Million Investment in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Shellback Capital LP acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 198,440 shares of the communications equipment provider’s stock, valued at approximately $1,653,000. Shellback Capital LP owned about 0.25% of ADTRAN at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. ProShare Advisors LLC raised its stake in shares of ADTRAN by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 22,180 shares of the communications equipment provider’s stock valued at $185,000 after buying an additional 7,299 shares during the last quarter. Quantinno Capital Management LP raised its position in ADTRAN by 4.3% during the fourth quarter. Quantinno Capital Management LP now owns 21,180 shares of the communications equipment provider’s stock valued at $176,000 after acquiring an additional 877 shares in the last quarter. Man Group plc acquired a new position in ADTRAN in the fourth quarter valued at approximately $548,000. Numerai GP LLC lifted its holdings in ADTRAN by 10.5% in the fourth quarter. Numerai GP LLC now owns 230,773 shares of the communications equipment provider’s stock valued at $1,922,000 after acquiring an additional 21,859 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of ADTRAN by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,821 shares of the communications equipment provider’s stock worth $373,000 after purchasing an additional 1,605 shares during the period. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Trading Up 0.5%

Shares of ADTN stock opened at $8.19 on Friday. ADTRAN Holdings, Inc. has a fifty-two week low of $4.62 and a fifty-two week high of $12.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The stock’s fifty day moving average is $8.17 and its two-hundred day moving average is $8.86. The firm has a market capitalization of $654.89 million, a P/E ratio of -1.26 and a beta of 1.33.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative net margin of 56.95% and a negative return on equity of 38.62%. During the same period in the prior year, the company earned $0.02 EPS. The company’s revenue was up 9.5% on a year-over-year basis. Research analysts expect that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADTN. Needham & Company LLC decreased their target price 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. Rosenblatt Securities dropped their target price on ADTRAN from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.