Point72 Asset Management L.P. Takes $114,000 Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Point72 Asset Management L.P. purchased a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 19,265 shares of the communications equipment provider’s stock, valued at approximately $114,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its stake in shares of ADTRAN by 798.7% in the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 4,177 shares during the period. Park Avenue Securities LLC bought a new position in ADTRAN during the third quarter worth about $65,000. Point72 DIFC Ltd bought a new stake in shares of ADTRAN in the 2nd quarter valued at about $69,000. Intech Investment Management LLC acquired a new stake in shares of ADTRAN in the 3rd quarter valued at approximately $92,000. Finally, SG Americas Securities LLC bought a new position in ADTRAN during the 2nd quarter worth approximately $90,000. 80.56% of the stock is owned by institutional investors.

ADTRAN Price Performance

Shares of ADTN opened at $8.54 on Friday. The company has a 50 day moving average of $7.31 and a 200-day moving average of $6.12. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $677.31 million, a P/E ratio of -1.31 and a beta of 1.29. ADTRAN Holdings, Inc. has a twelve month low of $4.34 and a twelve month high of $9.21.

Analysts Set New Price Targets

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

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.