Man Group plc Takes Position in ADTRAN Holdings, Inc. $ADTN

Man Group plc bought a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 102,762 shares of the communications equipment provider’s stock, valued at approximately $1,428,000. Man Group plc owned approximately 0.13% of ADTRAN as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ADTN. Persistent Asset Partners Ltd acquired a new stake in ADTRAN in the 2nd quarter valued at about $28,000. Quarry LP bought a new position in shares of ADTRAN during the 3rd quarter valued at about $36,000. Kestra Advisory Services LLC acquired a new position in shares of ADTRAN in the 4th quarter worth approximately $36,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of ADTRAN in the 4th quarter worth approximately $47,000. Finally, Freestone Grove Partners LP bought a new stake in shares of ADTRAN in the 4th quarter worth approximately $87,000. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Price Performance

NASDAQ ADTN opened at $7.52 on Thursday. The stock’s 50-day moving average price is $10.01 and its two-hundred day moving average price is $12.50. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69. The company has a market cap of $612.74 million, a PE ratio of -26.86, a PEG ratio of 4.57 and a beta of 1.47. ADTRAN Holdings, Inc. has a 1 year low of $7.11 and a 1 year high of $19.98.

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

Analyst Ratings Changes

Several analysts recently commented on the stock. Zacks Research lowered shares of ADTRAN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a research report on Tuesday, June 30th. B. Riley Financial reaffirmed a “buy” rating and issued a $21.00 price target (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Rosenblatt Securities cut their price objective on ADTRAN from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Finally, Wall Street Zen lowered ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.67.

ADTRAN 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.