Assenagon Asset Management S.A. Boosts Holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Assenagon Asset Management S.A. raised its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 1,545.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 662,154 shares of the communications equipment provider’s stock after purchasing an additional 621,906 shares during the quarter. Assenagon Asset Management S.A. owned 0.84% of ADTRAN worth $3,927,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. increased its position in ADTRAN by 798.7% during the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after acquiring an additional 4,177 shares during the last quarter. Inspire Investing LLC lifted its stake in ADTRAN by 5.1% in the third quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock worth $413,000 after acquiring an additional 3,387 shares during the period. Park Avenue Securities LLC purchased a new stake in ADTRAN in the third quarter worth about $65,000. SG Americas Securities LLC lifted its stake in ADTRAN by 66.5% in the third quarter. SG Americas Securities LLC now owns 28,413 shares of the communications equipment provider’s stock worth $168,000 after acquiring an additional 11,348 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of ADTRAN during the second quarter valued at about $69,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Trading Down 1.1 %

Shares of NASDAQ:ADTN opened at $6.38 on Thursday. ADTRAN Holdings, Inc. has a 1 year low of $4.34 and a 1 year high of $7.66. The firm has a market capitalization of $504.77 million, a price-to-earnings ratio of -0.93 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.31 and a quick ratio of 1.31. The business’s 50 day moving average price is $5.76 and its 200-day moving average price is $5.46.

ADTRAN (NASDAQ:ADTN) last announced 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 business had revenue of $225.99 million for the quarter, compared to analysts’ expectations of $225.95 million. ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. On average, equities research analysts forecast that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Rosenblatt Securities restated a “neutral” rating and set a $6.00 price objective on shares of ADTRAN in a report on Wednesday, August 7th. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of ADTRAN in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.17.

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.