ADTRAN Holdings, Inc. (NASDAQ:ADTN) Position Lessened by Millennium Management LLC

Millennium Management LLC lowered its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 8.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,064,589 shares of the communications equipment provider’s stock after selling 99,625 shares during the quarter. Millennium Management LLC owned approximately 1.34% of ADTRAN worth $8,868,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Schonfeld Strategic Advisors LLC bought a new stake in shares of ADTRAN in the 4th quarter valued at approximately $12,921,000. JPMorgan Chase & Co. lifted its stake in ADTRAN by 591.5% in the fourth quarter. JPMorgan Chase & Co. now owns 863,807 shares of the communications equipment provider’s stock valued at $7,196,000 after acquiring an additional 738,893 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in ADTRAN in the fourth quarter worth approximately $6,095,000. Royce & Associates LP acquired a new position in shares of ADTRAN during the 4th quarter worth $4,061,000. Finally, 1492 Capital Management LLC bought a new position in shares of ADTRAN during the 4th quarter valued at $3,033,000. 80.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADTN has been the subject of a number of recent research reports. Rosenblatt Securities decreased their price objective on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC decreased their price target on ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

ADTRAN Stock Performance

NASDAQ:ADTN opened at $7.80 on Monday. The firm has a market capitalization of $623.70 million, a PE ratio of -1.20 and a beta of 1.33. 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 1 year low of $4.62 and a 1 year high of $12.44. The firm’s fifty day simple moving average is $8.06 and its 200 day simple moving average is $8.97.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 38.62% and a negative net margin of 56.95%. During the same period in the prior year, the company earned $0.02 EPS. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, sell-side analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

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.