Paradigm Capital Management Inc. NY Reduces Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Paradigm Capital Management Inc. NY trimmed its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 1.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,419,600 shares of the communications equipment provider’s stock after selling 40,000 shares during the period. Paradigm Capital Management Inc. NY owned about 3.05% of ADTRAN worth $20,155,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC bought a new position in shares of ADTRAN during the fourth quarter valued at approximately $12,921,000. JPMorgan Chase & Co. boosted its holdings in ADTRAN by 591.5% during the 4th 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 period. Arrowstreet Capital Limited Partnership bought a new position in ADTRAN in the 4th quarter valued at $6,095,000. Royce & Associates LP bought a new position in ADTRAN in the 4th quarter valued at $4,061,000. Finally, 1492 Capital Management LLC purchased a new stake in ADTRAN in the fourth quarter worth $3,033,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Price Performance

Shares of ADTN stock opened at $8.10 on Tuesday. ADTRAN Holdings, Inc. has a twelve month low of $4.62 and a twelve month high of $12.44. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The stock has a fifty day simple moving average of $8.14 and a two-hundred day simple moving average of $8.93. The stock has a market capitalization of $647.69 million, a price-to-earnings ratio of -1.24 and a beta of 1.33.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share 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 earnings per share. ADTRAN’s quarterly revenue was up 9.5% on a year-over-year basis. On average, analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Rosenblatt Securities lowered their target price on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Needham & Company LLC decreased their price objective on shares of ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.

About ADTRAN

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.