Renaissance Technologies LLC Has $3.58 Million Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Renaissance Technologies LLC boosted its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 26.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 680,340 shares of the communications equipment provider’s stock after purchasing an additional 142,100 shares during the period. Renaissance Technologies LLC’s holdings in ADTRAN were worth $3,579,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ADTN. DNB Asset Management AS boosted its position in ADTRAN by 33.4% during the second 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 last quarter. William Blair Investment Management LLC grew 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 valued at $24,241,000 after buying an additional 817,762 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in ADTRAN by 25.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,184,939 shares of the communications equipment provider’s stock worth $6,446,000 after buying an additional 237,739 shares during the last quarter. Kovack Advisors Inc. lifted its stake in ADTRAN by 29.7% in the first quarter. Kovack Advisors Inc. now owns 561,350 shares of the communications equipment provider’s stock valued at $3,054,000 after acquiring an additional 128,600 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in ADTRAN by 11.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,020,021 shares of the communications equipment provider’s stock worth $7,487,000 after acquiring an additional 107,593 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADTN shares. StockNews.com lowered ADTRAN from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price target on shares of ADTRAN in a research report on Thursday, August 8th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $6.00 target price on shares of ADTRAN in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $7.17.

ADTRAN Price Performance

NASDAQ:ADTN opened at $5.91 on Monday. The firm has a fifty day simple moving average of $5.55 and a 200 day simple moving average of $5.33. ADTRAN Holdings, Inc. has a 1-year low of $4.34 and a 1-year high of $8.56. The stock has a market capitalization of $467.58 million, a PE ratio of -0.86 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.

ADTRAN (NASDAQ:ADTN) last posted its 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). ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. The company had revenue of $225.99 million for the quarter, compared to analyst estimates of $225.95 million. On average, research analysts expect that ADTRAN Holdings, Inc. will post -0.41 EPS for the current fiscal year.

ADTRAN Company 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.