Park Avenue Securities LLC Buys Shares of 10,990 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Park Avenue Securities LLC purchased a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the third quarter, Holdings Channel reports. The institutional investor purchased 10,990 shares of the communications equipment provider’s stock, valued at approximately $65,000.

A number of other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC lifted its holdings in ADTRAN by 66.5% in the third quarter. SG Americas Securities LLC now owns 28,413 shares of the communications equipment provider’s stock valued at $168,000 after buying an additional 11,348 shares during the period. Point72 DIFC Ltd bought a new position in shares of ADTRAN in the 2nd quarter worth about $69,000. Cubist Systematic Strategies LLC acquired a new position in shares of ADTRAN in the 2nd quarter valued at about $681,000. Creative Planning boosted its position in shares of ADTRAN by 155.2% during the 2nd quarter. Creative Planning now owns 55,166 shares of the communications equipment provider’s stock valued at $290,000 after purchasing an additional 33,548 shares in the last quarter. Finally, Millennium Management LLC grew its stake in ADTRAN by 8,824.3% during the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after purchasing an additional 1,532,257 shares during the period. 80.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ADTN shares. Rosenblatt Securities reissued a “neutral” rating and issued a $6.00 price target on shares of ADTRAN in a research note on Wednesday, August 7th. Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of ADTRAN in a research note on Thursday, August 8th. Finally, StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.17.

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $5.95 on Tuesday. The stock’s 50 day moving average is $5.46 and its 200-day moving average is $5.37. ADTRAN Holdings, Inc. has a twelve month low of $4.34 and a twelve month high of $7.73. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $470.75 million, a price-to-earnings ratio of -0.86 and a beta of 1.19.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The business had revenue of $225.99 million during the quarter, compared to the consensus estimate of $225.95 million. ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. Sell-side analysts forecast that ADTRAN Holdings, Inc. will post -0.41 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.