Cubist Systematic Strategies LLC Invests $681,000 in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Cubist Systematic Strategies LLC bought a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 129,491 shares of the communications equipment provider’s stock, valued at approximately $681,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in shares of ADTRAN in the 2nd quarter worth about $69,000. SG Americas Securities LLC bought a new stake in shares of ADTRAN in the 2nd quarter worth about $90,000. PEAK6 Investments LLC increased its position in shares of ADTRAN by 28.5% in the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock worth $96,000 after purchasing an additional 3,911 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of ADTRAN in the 2nd quarter worth about $120,000. Finally, Sierra Summit Advisors LLC bought a new stake in shares of ADTRAN in the 4th quarter worth about $219,000. Institutional investors own 80.56% of the company’s stock.

ADTRAN Trading Up 2.8 %

ADTRAN stock opened at $5.91 on Friday. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.86. The firm has a 50-day moving average price of $5.45 and a two-hundred day moving average price of $5.36. The firm has a market capitalization of $467.58 million, a price-to-earnings ratio of -0.86 and a beta of 1.19. ADTRAN Holdings, Inc. has a 52-week low of $4.34 and a 52-week high of $7.95.

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). The firm had revenue of $225.99 million for the quarter, compared to analyst estimates of $225.95 million. ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. Sell-side analysts expect that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADTN. Rosenblatt Securities reaffirmed a “neutral” rating and set a $6.00 price objective on shares of ADTRAN in a research report on Wednesday, August 7th. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price objective on shares of ADTRAN in a research report on Thursday, August 8th. Three equities research 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.