Kovack Advisors Inc. Purchases 128,600 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Kovack Advisors Inc. raised its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 29.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 561,350 shares of the communications equipment provider’s stock after buying an additional 128,600 shares during the period. Kovack Advisors Inc. owned 0.71% of ADTRAN worth $3,054,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. acquired a new position in ADTRAN in the fourth quarter worth $27,000. Nisa Investment Advisors LLC increased its position in ADTRAN by 20,809.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the communications equipment provider’s stock valued at $51,000 after acquiring an additional 6,867 shares in the last quarter. RPO LLC bought a new position in shares of ADTRAN in the fourth quarter worth about $84,000. PNC Financial Services Group Inc. grew its stake in shares of ADTRAN by 91.5% during the third quarter. PNC Financial Services Group Inc. now owns 12,933 shares of the communications equipment provider’s stock valued at $106,000 after purchasing an additional 6,179 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of ADTRAN by 28.4% in the fourth quarter. Victory Capital Management Inc. now owns 15,041 shares of the communications equipment provider’s stock valued at $110,000 after purchasing an additional 3,326 shares in the last quarter. 80.56% of the stock is owned by institutional investors.

ADTRAN Price Performance

ADTRAN stock traded down $0.01 during midday trading on Thursday, hitting $5.12. 443,793 shares of the stock were exchanged, compared to its average volume of 2,188,380. ADTRAN Holdings, Inc. has a 52 week low of $4.34 and a 52 week high of $10.96. The company has a quick ratio of 1.33, a current ratio of 2.46 and a debt-to-equity ratio of 0.73. The company has a fifty day simple moving average of $5.16 and a two-hundred day simple moving average of $5.83.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Tuesday, May 7th. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.05. ADTRAN had a negative net margin of 51.42% and a negative return on equity of 18.98%. The company had revenue of $226.17 million during the quarter, compared to analyst estimates of $223.00 million. On average, sell-side analysts predict that ADTRAN Holdings, Inc. will post -0.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Northland Capmk upgraded ADTRAN from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Monday, June 10th. Northland Securities raised ADTRAN from a “market perform” rating to an “outperform” rating and set a $7.50 price objective for the company in a report on Wednesday, May 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of ADTRAN in a research note on Monday, May 20th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ADTRAN has a consensus rating of “Moderate Buy” and a consensus target price of $7.67.

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.