Lisanti Capital Growth LLC Takes Position in ADTRAN Holdings, Inc. $ADTN

Lisanti Capital Growth LLC acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 115,625 shares of the communications equipment provider’s stock, valued at approximately $1,607,000.

Several other hedge funds have also added to or reduced their stakes in the business. AQR Capital Management LLC grew its stake in ADTRAN by 253.7% in the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock valued at $3,039,000 after acquiring an additional 249,954 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock worth $408,000 after acquiring an additional 1,946 shares in the last quarter. Legal & General Group Plc raised its position in shares of ADTRAN by 13.9% during the second quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider’s stock worth $1,018,000 after purchasing an additional 13,821 shares during the period. American Century Companies Inc. lifted its holdings in shares of ADTRAN by 11.2% during the 2nd quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider’s stock valued at $2,009,000 after purchasing an additional 22,524 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of ADTRAN by 17.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider’s stock valued at $793,000 after purchasing an additional 13,222 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADTN. Zacks Research cut ADTRAN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Northland Securities set a $15.00 price target on shares of ADTRAN in a research note on Wednesday, August 5th. Evercore set a $11.00 price target on shares of ADTRAN in a report on Wednesday, August 5th. Needham & Company LLC lowered their price objective on shares of ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Finally, B. Riley Financial restated a “buy” rating and set a $21.00 price objective (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $14.67.

ADTRAN Price Performance

Shares of NASDAQ ADTN opened at $8.01 on Thursday. The stock has a market capitalization of $652.65 million, a price-to-earnings ratio of -28.61 and a beta of 1.47. The business has a 50-day moving average of $11.46 and a 200-day moving average of $12.65. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19. ADTRAN Holdings, Inc. has a fifty-two week low of $7.11 and a fifty-two week high of $19.98.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (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 company had revenue of $281.15 million for the quarter, compared to the consensus estimate of $290.19 million. The company’s revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

About ADTRAN

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.