CenterBook Partners LP Acquires 1,173,632 Shares of ADTRAN Holdings, Inc. $ADTN

by · The Cerbat Gem

CenterBook Partners LP acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN – Free Report) during the third quarter, according to its most recent filing with the SEC. The firm acquired 1,173,632 shares of the communications equipment provider’s stock, valued at approximately $8,022,000. CenterBook Partners LP owned about 1.44% of ADTRAN as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of ADTRAN during the second quarter worth $108,923,000. William Blair Investment Management LLC bought a new position in ADTRAN in the second quarter valued at about $15,276,000. Bank of America Corp DE bought a new position in ADTRAN in the second quarter valued at about $11,751,000. Heartland Advisors Inc. acquired a new stake in ADTRAN in the first quarter worth about $9,435,000. Finally, Sei Investments Co. increased its position in ADTRAN by 162.0% in the first quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider’s stock worth $13,902,000 after purchasing an additional 683,262 shares during the period. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Trading Down 2.2%

NASDAQ:ADTN traded down $0.09 during mid-day trading on Friday, hitting $4.04. The company had a trading volume of 3,152,253 shares, compared to its average volume of 1,488,837. ADTRAN Holdings, Inc. has a fifty-two week low of $3.92 and a fifty-two week high of $19.98. The business’s fifty day moving average is $6.83 and its two-hundred day moving average is $10.93. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79. The firm has a market cap of $329.18 million, a P/E ratio of -15.54, a P/E/G ratio of 3.84 and a beta of 1.53.

ADTRAN (NASDAQ:ADTN – Get Free Report) last posted its earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. The company had revenue of $281.17 million during the quarter, compared to analyst estimates of $285.15 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.05 EPS. As a group, research analysts expect that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADTN. Northland Securities set a $15.00 target price on shares of ADTRAN in a research report on Wednesday, August 5th. Needham & Company LLC lowered their price target on shares of ADTRAN from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday. B. Riley Financial reissued a “buy” rating and set a $14.00 price target (down from $21.00) on shares of ADTRAN in a research note on Wednesday. Zacks Research upgraded shares of ADTRAN from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, Weiss Ratings cut shares of ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 16th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.21.

Check Out Our Latest Stock Analysis on ADTRAN

ADTRAN Company Profile

(Free Report)

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.

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