Verition Fund Management LLC Lowers Stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Verition Fund Management LLC reduced its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 79.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 36,499 shares of the communications equipment provider’s stock after selling 144,785 shares during the period. Verition Fund Management LLC’s holdings in ADTRAN were worth $216,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADTN. Blue Trust Inc. boosted 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 buying an additional 4,177 shares during the period. Park Avenue Securities LLC purchased a new stake in ADTRAN during the 3rd quarter valued at about $65,000. Point72 DIFC Ltd bought a new position in ADTRAN during the 2nd quarter worth approximately $69,000. Intech Investment Management LLC purchased a new position in ADTRAN in the 3rd quarter worth approximately $92,000. Finally, SG Americas Securities LLC bought a new stake in ADTRAN in the second quarter valued at approximately $90,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

ADTRAN Stock Down 3.6 %

ADTRAN stock opened at $8.54 on Monday. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN Holdings, Inc. has a 12 month low of $4.34 and a 12 month high of $9.21. The firm has a market cap of $677.27 million, a price-to-earnings ratio of -1.31 and a beta of 1.29. The stock has a fifty day simple moving average of $7.31 and a two-hundred day simple moving average of $6.13.

Analysts Set New Price Targets

ADTN has been the subject of a number of recent analyst reports. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and upped their price target for the company from $6.00 to $10.00 in a report on Friday, November 8th. Needham & Company LLC upped their price objective on shares of ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $9.50.

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.