Empowered Funds LLC Takes $2.57 Million Position in ADTRAN Holdings, Inc. $ADTN

Empowered Funds LLC bought a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 184,606 shares of the communications equipment provider’s stock, valued at approximately $2,566,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Persistent Asset Partners Ltd acquired a new stake in ADTRAN during the second quarter worth approximately $28,000. Quarry LP purchased a new stake in ADTRAN in the third quarter valued at $36,000. Kestra Advisory Services LLC purchased a new stake in ADTRAN in the fourth quarter valued at $36,000. Caitong International Asset Management Co. Ltd acquired a new position in ADTRAN in the fourth quarter valued at $47,000. Finally, Freestone Grove Partners LP acquired a new position in ADTRAN in the fourth quarter valued at $87,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ADTN shares. B. Riley Financial reiterated a “buy” rating and set a $21.00 target price (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Northland Securities set a $15.00 target price on ADTRAN in a research report on Wednesday, August 5th. Needham & Company LLC cut their price target on ADTRAN from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Craig Hallum set a $12.00 price target on ADTRAN in a research report on Wednesday, August 5th. Finally, Zacks Research downgraded ADTRAN from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ADTRAN has a consensus rating of “Hold” and a consensus target price of $14.67.

ADTRAN Trading Up 0.7%

NASDAQ ADTN opened at $7.52 on Thursday. The firm’s fifty day moving average is $10.01 and its two-hundred day moving average is $12.50. ADTRAN Holdings, Inc. has a one year low of $7.11 and a one year high of $19.98. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79. The firm has a market cap of $612.74 million, a PE ratio of -26.86, a P/E/G ratio of 4.57 and a beta of 1.47.

ADTRAN (NASDAQ:ADTN) last announced its 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). ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The business had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts expect that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

ADTRAN Company Profile

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.