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

Y Intercept Hong Kong Ltd lessened its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 91.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,701 shares of the communications equipment provider’s stock after selling 262,758 shares during the period. Y Intercept Hong Kong Ltd’s holdings in ADTRAN were worth $232,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ADTN. Wolverine Asset Management LLC purchased a new stake in ADTRAN in the 3rd quarter valued at approximately $2,443,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of ADTRAN in the third quarter worth $169,000. State of Alaska Department of Revenue purchased a new stake in shares of ADTRAN in the third quarter valued at $36,000. Inspire Investing LLC boosted its stake in shares of ADTRAN by 10.1% during the third quarter. Inspire Investing LLC now owns 48,183 shares of the communications equipment provider’s stock valued at $452,000 after acquiring an additional 4,417 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in ADTRAN by 691.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 932,680 shares of the communications equipment provider’s stock worth $8,749,000 after purchasing an additional 814,864 shares in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ADTRAN

In other news, CEO Thomas R. Stanton purchased 40,928 shares of the company’s stock in a transaction on Monday, November 24th. The stock was bought at an average cost of $7.33 per share, for a total transaction of $300,002.24. Following the completion of the purchase, the chief executive officer directly owned 982,096 shares of the company’s stock, valued at $7,198,763.68. The trade was a 4.35% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Timothy P. Santo acquired 6,150 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was purchased at an average price of $8.02 per share, for a total transaction of $49,323.00. Following the completion of the acquisition, the chief financial officer owned 26,594 shares in the company, valued at approximately $213,283.88. This trade represents a 30.08% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 59,937 shares of company stock valued at $449,754. Company insiders own 1.50% of the company’s stock.

ADTRAN Price Performance

ADTRAN stock opened at $9.39 on Friday. ADTRAN Holdings, Inc. has a 1 year low of $6.93 and a 1 year high of $12.44. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.23 and a current ratio of 1.96. The firm has a 50 day moving average price of $8.91 and a 200 day moving average price of $9.00. The company has a market cap of $752.33 million, a price-to-earnings ratio of -8.78 and a beta of 1.39.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $12.00 target price on shares of ADTRAN in a report on Tuesday, November 25th. Rosenblatt Securities restated a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research report 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, ADTRAN presently has a consensus rating of “Hold” and an average target price of $13.00.

ADTRAN Company 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.