Wolverine Asset Management LLC Makes New $2.44 Million Investment in ADTRAN Holdings, Inc. $ADTN

Wolverine Asset Management LLC bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 260,400 shares of the communications equipment provider’s stock, valued at approximately $2,443,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. SG Capital Management LLC bought a new position in shares of ADTRAN during the second quarter worth approximately $7,601,000. Strs Ohio bought a new stake in shares of ADTRAN during the 1st quarter valued at $560,000. Los Angeles Capital Management LLC acquired a new stake in shares of ADTRAN during the 2nd quarter worth $418,000. Squarepoint Ops LLC increased its position in shares of ADTRAN by 56.4% in the second quarter. Squarepoint Ops LLC now owns 630,846 shares of the communications equipment provider’s stock worth $5,659,000 after purchasing an additional 227,448 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of ADTRAN in the second quarter worth $2,579,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Insider Transactions at ADTRAN

In other news, Director Nikos Theodosopoulos bought 12,859 shares of the stock in a transaction dated Wednesday, November 26th. The shares were bought at an average cost of $7.81 per share, with a total value of $100,428.79. Following the completion of the transaction, the director directly owned 52,154 shares of the company’s stock, valued at $407,322.74. This trade represents a 32.72% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Timothy P. Santo acquired 6,150 shares of ADTRAN stock in a transaction dated Friday, November 28th. The shares were acquired at an average price of $8.02 per share, with a total value of $49,323.00. Following the completion of the acquisition, the chief financial officer directly owned 26,594 shares of the company’s stock, valued at approximately $213,283.88. The trade was a 30.08% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 59,937 shares of company stock valued at $449,754 in the last quarter. 1.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADTN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ADTRAN in a research report on Wednesday, October 8th. Needham & Company LLC reissued a “buy” rating and issued a $12.00 price objective on shares of ADTRAN in a research note on Tuesday, November 25th. Finally, Rosenblatt Securities restated a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research note on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.00.

ADTRAN Stock Up 1.8%

NASDAQ:ADTN opened at $9.25 on Friday. The company has a market cap of $741.07 million, a PE ratio of -8.64 and a beta of 1.35. ADTRAN Holdings, Inc. has a one year low of $6.93 and a one year high of $12.44. The firm’s 50 day simple moving average is $8.40 and its 200 day simple moving average is $8.99. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.96 and a quick ratio of 1.23.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, November 4th. The communications equipment provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). ADTRAN had a negative return on equity of 4.63% and a negative net margin of 8.44%.The company had revenue of $279.44 million during the quarter, compared to analyst estimates of $274.60 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. ADTRAN’s revenue was up 22.7% compared to the same quarter last year. On average, research analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

About ADTRAN

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.