Y Intercept Hong Kong Ltd Decreases Holdings in ADTRAN Holdings, Inc. $ADTN

Y Intercept Hong Kong Ltd reduced its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 91.4% in the 3rd quarter, Holdings Channel reports. The firm owned 24,701 shares of the communications equipment provider’s stock after selling 262,758 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in ADTRAN were worth $232,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wolverine Asset Management LLC purchased a new stake in shares of ADTRAN during the third quarter valued at approximately $2,443,000. SG Capital Management LLC purchased a new stake in ADTRAN during the 2nd quarter worth $7,601,000. Los Angeles Capital Management LLC purchased a new stake in ADTRAN during the 2nd quarter worth $418,000. Squarepoint Ops LLC lifted its holdings in ADTRAN by 56.4% in the 2nd quarter. Squarepoint Ops LLC now owns 630,846 shares of the communications equipment provider’s stock worth $5,659,000 after buying an additional 227,448 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in ADTRAN by 691.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 932,680 shares of the communications equipment provider’s stock valued at $8,749,000 after buying an additional 814,864 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Stock Performance

Shares of ADTN stock opened at $9.39 on Friday. The stock has a market capitalization of $752.33 million, a price-to-earnings ratio of -8.78 and a beta of 1.39. ADTRAN Holdings, Inc. has a one year low of $6.93 and a one year high of $12.44. The company’s 50-day simple moving average is $8.91 and its 200-day simple moving average is $9.00. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.23 and a current ratio of 1.96.

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

Insider Activity

In other ADTRAN news, Director Nikos Theodosopoulos bought 12,859 shares of the stock in a transaction on Wednesday, November 26th. The stock was purchased at an average price of $7.81 per share, for a total transaction of $100,428.79. Following the completion of the purchase, the director directly owned 52,154 shares in the company, valued at approximately $407,322.74. This trade represents a 32.72% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy P. Santo purchased 6,150 shares of ADTRAN stock in a transaction dated Friday, November 28th. The stock was acquired at an average price of $8.02 per share, for a total transaction of $49,323.00. Following the completion of the transaction, the chief financial officer owned 26,594 shares in the company, valued at approximately $213,283.88. The trade was a 30.08% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 59,937 shares of company stock worth $449,754. 1.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADTN. Rosenblatt Securities reaffirmed a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research report on Wednesday, November 5th. Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of ADTRAN in a research note on Tuesday, November 25th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ADTRAN currently has an average rating of “Hold” and a consensus price target of $13.00.

ADTRAN Profile

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.