Freedom Investment Management Inc. Cuts Stock Position in ADTRAN Holdings, Inc. $ADTN

Freedom Investment Management Inc. decreased its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 13.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 11,101 shares of the communications equipment provider’s stock after selling 1,670 shares during the quarter. Freedom Investment Management Inc.’s holdings in ADTRAN were worth $100,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ADTN. New York State Teachers Retirement System purchased a new stake in shares of ADTRAN during the second quarter worth $65,000. Park Avenue Securities LLC purchased a new stake in shares of ADTRAN during the second quarter worth $91,000. Ballentine Partners LLC purchased a new stake in shares of ADTRAN during the first quarter worth $94,000. Financial Engines Advisors L.L.C. acquired a new position in shares of ADTRAN during the 1st quarter valued at about $106,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of ADTRAN during the 1st quarter valued at about $112,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Down 1.0%

Shares of ADTN opened at $9.97 on Tuesday. The stock has a market capitalization of $797.40 million, a PE ratio of -7.61 and a beta of 1.37. ADTRAN Holdings, Inc. has a 1 year low of $6.02 and a 1 year high of $12.44. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.19 and a current ratio of 1.96. The company’s 50-day simple moving average is $9.38 and its 200-day simple moving average is $8.76.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Friday, March 15th. The communications equipment provider reported $0.89 earnings per share for the quarter. ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The firm had revenue of $358.27 million for the quarter. Analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADTN has been the topic of several recent research reports. Wolfe Research initiated coverage on shares of ADTRAN in a research report on Monday, July 7th. They set a “peer perform” rating on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ADTRAN in a research report on Wednesday, October 8th. Wall Street Zen cut shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, B. Riley initiated coverage on shares of ADTRAN in a research report on Thursday, September 18th. They issued a “buy” rating and a $16.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.80.

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.