Hennessy Advisors Inc. purchased a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 526,300 shares of the communications equipment provider’s stock, valued at approximately $7,316,000.
A number of other institutional investors also recently modified their holdings of ADTN. Persistent Asset Partners Ltd bought a new position in ADTRAN in the 2nd quarter worth approximately $28,000. Quarry LP bought a new stake in ADTRAN during the 3rd quarter valued at $36,000. Kestra Advisory Services LLC bought a new stake in ADTRAN during the 4th quarter valued at $36,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ADTRAN during the fourth quarter worth $47,000. Finally, Freestone Grove Partners LP purchased a new stake in shares of ADTRAN during the fourth quarter worth $87,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the company. Northland Securities set a $15.00 price target on ADTRAN in a report on Wednesday, August 5th. Evercore set a $11.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of ADTRAN in a report on Tuesday, June 30th. Wall Street Zen downgraded ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Craig Hallum set a $12.00 target price on ADTRAN in a report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $14.67.
ADTRAN Price Performance
ADTRAN stock opened at $7.72 on Friday. ADTRAN Holdings, Inc. has a 52 week low of $7.11 and a 52 week high of $19.98. The business has a 50-day simple moving average of $10.44 and a 200 day simple moving average of $12.54. The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69. The stock has a market cap of $629.03 million, a price-to-earnings ratio of -27.57 and a beta of 1.47.
ADTRAN (NASDAQ:ADTN – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.06). The business had revenue of $281.15 million during the quarter, compared to analysts’ expectations of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. On average, research analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.
About ADTRAN
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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