Man Group plc Purchases New Stake in ADTRAN Holdings, Inc. $ADTN

Man Group plc acquired a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 102,762 shares of the communications equipment provider’s stock, valued at approximately $1,428,000.

A number of other institutional investors have also recently bought and sold shares of ADTN. Persistent Asset Partners Ltd purchased a new position in ADTRAN during the 2nd quarter valued at about $28,000. Quarry LP purchased a new stake in shares of ADTRAN in the third quarter worth approximately $36,000. Kestra Advisory Services LLC purchased a new stake in shares of ADTRAN in the fourth quarter worth approximately $36,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of ADTRAN during the fourth quarter worth approximately $47,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of ADTRAN during the fourth quarter worth approximately $87,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $7.52 on Thursday. The stock has a market capitalization of $612.74 million, a P/E ratio of -26.86, a P/E/G ratio of 4.57 and a beta of 1.47. The business has a 50-day moving average of $10.01 and a two-hundred day moving average of $12.50. ADTRAN Holdings, Inc. has a fifty-two week low of $7.11 and a fifty-two week high of $19.98. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The company had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. ADTRAN’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, equities research analysts predict that ADTRAN Holdings, Inc. will post 0.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Craig Hallum set a $12.00 price objective on shares of ADTRAN in a research note on Wednesday, August 5th. Wall Street Zen downgraded ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Northland Securities set a $15.00 price target on ADTRAN in a report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Finally, Evercore set a $11.00 target price on shares of ADTRAN in a research report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.67.

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.