Millennium Management LLC Boosts Stock Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Millennium Management LLC lifted its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 8,824.3% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,549,621 shares of the communications equipment provider's stock after buying an additional 1,532,257 shares during the quarter. Millennium Management LLC owned approximately 1.96% of ADTRAN worth $8,151,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Point72 DIFC Ltd bought a new stake in ADTRAN during the second quarter valued at about $69,000. SG Americas Securities LLC bought a new stake in ADTRAN during the 2nd quarter valued at approximately $90,000. PEAK6 Investments LLC lifted its holdings in ADTRAN by 28.5% in the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider's stock worth $96,000 after purchasing an additional 3,911 shares in the last quarter. AQR Capital Management LLC bought a new position in ADTRAN in the 2nd quarter worth approximately $120,000. Finally, Versor Investments LP grew its holdings in ADTRAN by 36.5% during the 2nd quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider's stock valued at $159,000 after buying an additional 8,100 shares in the last quarter. Institutional investors own 80.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ADTN shares. Needham & Company LLC restated a "buy" rating and set a $8.00 target price on shares of ADTRAN in a research report on Thursday, August 8th. Rosenblatt Securities reissued a "neutral" rating and set a $6.00 price objective on shares of ADTRAN in a report on Wednesday, August 7th. Finally, StockNews.com raised ADTRAN from a "sell" rating to a "hold" rating in a report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, ADTRAN currently has an average rating of "Moderate Buy" and a consensus price target of $7.17.

ADTRAN Price Performance

ADTRAN stock traded down $0.09 during mid-day trading on Thursday, reaching $5.75. 317,245 shares of the company's stock traded hands, compared to its average volume of 844,072. ADTRAN Holdings, Inc. has a 12-month low of $4.34 and a 12-month high of $7.95. The company has a market cap of $454.92 million, a price-to-earnings ratio of -0.83 and a beta of 1.19. The stock has a 50 day moving average of $5.47 and a two-hundred day moving average of $5.36. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.86.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. The business had revenue of $225.99 million during the quarter, compared to the consensus estimate of $225.95 million. Equities analysts forecast that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current year.

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.