Point72 Asset Management L.P. Purchases New Holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Point72 Asset Management L.P. purchased a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 19,265 shares of the communications equipment provider’s stock, valued at approximately $114,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in ADTRAN during the second quarter worth $90,000. Assenagon Asset Management S.A. acquired a new position in shares of ADTRAN during the 2nd quarter worth about $212,000. Versor Investments LP raised its holdings in shares of ADTRAN by 36.5% in the 2nd quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock valued at $159,000 after purchasing an additional 8,100 shares during the period. American Century Companies Inc. lifted its stake in ADTRAN by 17.9% in the 2nd quarter. American Century Companies Inc. now owns 90,343 shares of the communications equipment provider’s stock valued at $475,000 after purchasing an additional 13,688 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in ADTRAN by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock worth $376,000 after purchasing an additional 2,396 shares during the period. Institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Performance

Shares of NASDAQ ADTN opened at $8.54 on Friday. ADTRAN Holdings, Inc. has a one year low of $4.34 and a one year high of $9.21. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The firm has a market cap of $677.31 million, a price-to-earnings ratio of -1.31 and a beta of 1.29. The stock’s fifty day moving average price is $7.31 and its two-hundred day moving average price is $6.12.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ADTN shares. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and raised their price target for the company from $6.00 to $10.00 in a report on Friday, November 8th. Finally, Needham & Company LLC upped their price objective on shares of ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $9.50.

ADTRAN Company 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.