White Pine Capital LLC Takes $392,000 Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

White Pine Capital LLC acquired a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 53,402 shares of the communications equipment provider’s stock, valued at approximately $392,000.

Several other hedge funds have also recently modified their holdings of ADTN. Kovack Advisors Inc. increased its holdings in ADTRAN by 157.9% in the 4th quarter. Kovack Advisors Inc. now owns 432,750 shares of the communications equipment provider’s stock worth $3,176,000 after buying an additional 264,950 shares during the period. New York State Common Retirement Fund increased its holdings in ADTRAN by 13.7% in the 4th quarter. New York State Common Retirement Fund now owns 79,195 shares of the communications equipment provider’s stock worth $581,000 after buying an additional 9,543 shares during the period. Federated Hermes Inc. acquired a new position in ADTRAN in the 4th quarter worth approximately $8,363,000. Everence Capital Management Inc. increased its holdings in ADTRAN by 142.8% in the 4th quarter. Everence Capital Management Inc. now owns 33,940 shares of the communications equipment provider’s stock worth $249,000 after buying an additional 19,960 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new position in ADTRAN in the 4th quarter worth approximately $260,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Stock Performance

Shares of NASDAQ ADTN traded down $0.14 during midday trading on Friday, reaching $4.43. 532,378 shares of the stock were exchanged, compared to its average volume of 629,071. ADTRAN Holdings, Inc. has a twelve month low of $4.43 and a twelve month high of $11.02. The firm has a market cap of $350.48 million, a price-to-earnings ratio of -1.38 and a beta of 1.13. The company has a quick ratio of 1.34, a current ratio of 2.64 and a debt-to-equity ratio of 0.33. The firm has a 50-day simple moving average of $5.44 and a two-hundred day simple moving average of $6.19.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($1.01). ADTRAN had a negative net margin of 21.80% and a negative return on equity of 15.65%. The business had revenue of $225.48 million for the quarter, compared to analysts’ expectations of $232.45 million. As a group, analysts anticipate that ADTRAN Holdings, Inc. will post -0.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Rosenblatt Securities cut their price target on shares of ADTRAN from $8.00 to $7.50 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. StockNews.com raised shares of ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price objective on shares of ADTRAN in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.50.

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.