AQR Capital Management LLC Takes $120,000 Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

AQR Capital Management LLC acquired a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 22,723 shares of the communications equipment provider’s stock, valued at approximately $120,000.

Other institutional investors also recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in shares of ADTRAN during the 2nd quarter valued at $69,000. SG Americas Securities LLC purchased a new position in ADTRAN in the second quarter valued at about $90,000. PEAK6 Investments LLC raised its position in ADTRAN by 28.5% in the first quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock valued at $96,000 after purchasing an additional 3,911 shares during the period. Versor Investments LP raised its position in ADTRAN by 36.5% in the second quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock valued at $159,000 after purchasing an additional 8,100 shares during the period. Finally, DRW Securities LLC purchased a new position in ADTRAN in the second quarter valued at about $167,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price objective on shares of ADTRAN in a research report on Thursday, August 8th. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $6.00 price objective on shares of ADTRAN in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.17.

ADTRAN Stock Up 0.2 %

Shares of ADTRAN stock opened at $6.32 on Friday. The business has a 50-day moving average of $5.57 and a 200-day moving average of $5.39. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.31 and a quick ratio of 1.31. The company has a market capitalization of $500.02 million, a PE ratio of -0.92 and a beta of 1.19. ADTRAN Holdings, Inc. has a 1-year low of $4.34 and a 1-year high of $7.66.

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

ADTRAN 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.