ADTRAN Holdings, Inc. (NASDAQ:ADTN) Shares Sold by Innovis Asset Management LLC

Innovis Asset Management LLC lessened its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTNFree Report) by 49.7% in the 3rd quarter, Holdings Channel reports. The fund owned 25,104 shares of the communications equipment provider’s stock after selling 24,851 shares during the quarter. Innovis Asset Management LLC’s holdings in ADTRAN were worth $207,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ADTN. Keeley Teton Advisors LLC grew its position in shares of ADTRAN by 154.6% in the third quarter. Keeley Teton Advisors LLC now owns 404,935 shares of the communications equipment provider’s stock valued at $3,333,000 after purchasing an additional 245,911 shares in the last quarter. SG Americas Securities LLC acquired a new position in ADTRAN in the 3rd quarter valued at about $387,000. Janney Montgomery Scott LLC purchased a new stake in shares of ADTRAN in the 2nd quarter valued at approximately $1,386,000. Comerica Bank acquired a new stake in ADTRAN during the second quarter worth $3,445,000. Finally, Quadrant Capital Group LLC increased its position in shares of ADTRAN by 686.7% during the 2nd quarter. Quadrant Capital Group LLC now owns 3,194 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 2,788 shares during the last quarter. Institutional investors and hedge funds own 81.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ADTN shares. Rosenblatt Securities boosted their target price on ADTRAN from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Friday, December 15th. StockNews.com upgraded shares of ADTRAN to a “sell” rating in a report on Wednesday, January 31st. Needham & Company LLC reiterated a “buy” rating and set a $9.00 target price on shares of ADTRAN in a research note on Wednesday, January 17th. Finally, Argus cut ADTRAN from a “buy” rating to a “hold” rating in a research note on Monday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.40.

Get Our Latest Stock Analysis on ADTN

ADTRAN Trading Down 2.0 %

Shares of NASDAQ ADTN traded down $0.13 during mid-day trading on Friday, reaching $6.27. The company had a trading volume of 636,185 shares, compared to its average volume of 652,420. The firm has a 50 day simple moving average of $6.86 and a two-hundred day simple moving average of $7.31. ADTRAN Holdings, Inc. has a 52-week low of $4.91 and a 52-week high of $17.99. The company has a current ratio of 2.73, a quick ratio of 1.42 and a debt-to-equity ratio of 0.29.

ADTRAN (NASDAQ:ADTNGet Free Report) last issued its quarterly earnings data on Monday, November 6th. The communications equipment provider reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.03). ADTRAN had a negative return on equity of 2.68% and a negative net margin of 7.93%. The firm had revenue of $272.33 million for the quarter, compared to analysts’ expectations of $284.80 million. As a group, analysts expect that ADTRAN Holdings, Inc. will post -0.46 EPS for the current fiscal year.

ADTRAN Profile

(Free Report)

ADTRAN Holdings, Inc, through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support.

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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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