AQR Capital Management LLC Takes Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

AQR Capital Management LLC purchased a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 22,723 shares of the communications equipment provider’s stock, valued at approximately $120,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Paradigm Capital Management Inc. NY boosted its stake in 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 valued at $12,872,000 after purchasing an additional 1,551,000 shares during the period. DNB Asset Management AS boosted its stake in ADTRAN by 33.4% during 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 purchasing an additional 1,159,809 shares during the period. William Blair Investment Management LLC boosted its stake 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 purchasing an additional 817,762 shares during the period. Marshall Wace LLP boosted its stake in ADTRAN by 3,656.1% during the 2nd quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after purchasing an additional 432,372 shares during the period. Finally, First Eagle Investment Management LLC boosted its stake in ADTRAN by 67.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 681,807 shares of the communications equipment provider’s stock valued at $3,586,000 after purchasing an additional 275,500 shares during the period. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Trading Up 0.2 %

Shares of NASDAQ:ADTN opened at $6.32 on Friday. The company has a 50 day moving average of $5.57 and a 200-day moving average of $5.39. The firm has a market cap of $500.02 million, a P/E ratio of -0.92 and a beta of 1.19. ADTRAN Holdings, Inc. has a twelve month low of $4.34 and a twelve month high of $7.66. 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 released its earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $225.95 million. As a group, analysts anticipate that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADTN shares. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $6.00 price target on shares of ADTRAN in a research note on Wednesday, August 7th. Finally, 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. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ADTRAN has an average 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.