ADTRAN Holdings, Inc. (NASDAQ:ADTN) Shares Acquired by Millennium Management LLC

Millennium Management LLC boosted its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 8,824.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,549,621 shares of the communications equipment provider’s stock after acquiring an additional 1,532,257 shares during the period. Millennium Management LLC owned 1.96% of ADTRAN worth $8,151,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Paradigm Capital Management Inc. NY increased its holdings in shares of ADTRAN by 173.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after purchasing an additional 1,551,000 shares during the period. DNB Asset Management AS increased its stake in ADTRAN by 33.4% in the 2nd quarter. DNB Asset Management AS now owns 4,631,848 shares of the communications equipment provider’s stock valued at $24,364,000 after buying an additional 1,159,809 shares during the period. Divisar Capital Management LLC raised its position in ADTRAN by 25.0% during 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 buying an additional 1,146,774 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of ADTRAN by 22.5% in the 1st quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock worth $24,241,000 after acquiring an additional 817,762 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of ADTRAN by 3,656.1% in the second quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after acquiring an additional 432,372 shares in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Price Performance

ADTN stock opened at $5.84 on Thursday. The company has a market cap of $462.04 million, a price-to-earnings ratio of -0.85 and a beta of 1.19. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86. The firm has a 50 day moving average of $5.47 and a 200-day moving average of $5.36. ADTRAN Holdings, Inc. has a 12-month low of $4.34 and a 12-month high of $8.02.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ADTN shares. Rosenblatt Securities restated a “neutral” rating and issued a $6.00 price objective on shares of ADTRAN in a research report on Wednesday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $8.00 price target on shares of ADTRAN in a research note on Thursday, August 8th. Finally, StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ADTRAN has a consensus rating of “Moderate Buy” and an average target price of $7.17.

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.