Point72 DIFC Ltd Takes $69,000 Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Point72 DIFC Ltd purchased a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 13,147 shares of the communications equipment provider’s stock, valued at approximately $69,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Divisar Capital Management LLC raised its holdings in ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. DNB Asset Management AS lifted its holdings in ADTRAN by 33.4% in the second quarter. DNB Asset Management AS now owns 4,631,848 shares of the communications equipment provider’s stock worth $24,364,000 after buying an additional 1,159,809 shares during the period. William Blair Investment Management LLC boosted its position in ADTRAN by 22.5% during the 1st quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock valued at $24,241,000 after acquiring an additional 817,762 shares in the last quarter. Paradigm Capital Management Inc. NY grew its holdings in shares of ADTRAN by 173.1% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after acquiring an additional 1,551,000 shares during the period. Finally, Millennium Management LLC raised its position in shares of ADTRAN by 8,824.3% in the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after acquiring an additional 1,532,257 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Analyst Ratings Changes

ADTN has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price target on shares of ADTRAN in a research note on Thursday, August 8th. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $6.00 price target on shares of ADTRAN in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ADTRAN has an average rating of “Moderate Buy” and an average price target of $7.17.

ADTRAN Trading Up 1.5 %

ADTRAN stock opened at $5.95 on Thursday. ADTRAN Holdings, Inc. has a 12 month low of $4.34 and a 12 month high of $8.40. The company has a market capitalization of $470.75 million, a price-to-earnings ratio of -0.86 and a beta of 1.19. The business’s fifty day simple moving average is $5.54 and its two-hundred day simple moving average is $5.34. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The firm had revenue of $225.99 million during the quarter, compared to the consensus estimate of $225.95 million. ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. As a group, equities analysts predict that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current fiscal year.

ADTRAN 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.