ADTRAN (NASDAQ:ADTN) CEO Thomas Stanton Buys 150,000 Shares of Company Stock

ADTRAN Holdings, Inc. (NASDAQ:ADTN) CEO Thomas Stanton bought 150,000 shares of the stock in a transaction dated Friday, November 6th. The shares were acquired at an average price of $4.01 per share, for a total transaction of $601,500.00. Following the completion of the transaction, the chief executive officer owned 1,410,890 shares of the company’s stock, valued at approximately $5,657,668.90. The trade was a 11.90% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

ADTRAN Stock Performance

Shares of ADTRAN stock opened at $4.29 on Tuesday. The firm’s fifty day simple moving average is $6.76 and its 200-day simple moving average is $10.90. ADTRAN Holdings, Inc. has a 12 month low of $3.92 and a 12 month high of $19.98. The stock has a market capitalization of $349.55 million, a price-to-earnings ratio of -16.50, a PEG ratio of 2.90 and a beta of 1.53. The company has a debt-to-equity ratio of 2.32, a current ratio of 1.89 and a quick ratio of 1.19.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. ADTRAN had a negative net margin of 2.20% and a positive return on equity of 17.76%. The firm had revenue of $281.17 million during the quarter, compared to analysts’ expectations of $285.15 million. During the same quarter in the prior year, the business earned $0.05 EPS. ADTRAN’s quarterly revenue was up .6% compared to the same quarter last year. As a group, equities analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

A number of hedge funds and other institutional investors have recently bought and sold shares of ADTN. White Pine Capital LLC purchased a new position in ADTRAN during the 3rd quarter worth $3,012,000. Royce & Associates LP lifted its stake in shares of ADTRAN by 4.7% in the 3rd quarter. Royce & Associates LP now owns 3,111,416 shares of the communications equipment provider’s stock worth $21,267,000 after acquiring an additional 138,499 shares during the period. Aberdeen Group plc purchased a new stake in shares of ADTRAN in the third quarter valued at about $916,000. Russell Investments Group Ltd. boosted its holdings in shares of ADTRAN by 244.1% in the third quarter. Russell Investments Group Ltd. now owns 269,220 shares of the communications equipment provider’s stock valued at $1,840,000 after acquiring an additional 190,991 shares in the last quarter. Finally, DBA Trading LLC purchased a new stake in shares of ADTRAN in the third quarter valued at about $239,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADTN. Evercore set a $11.00 target price on shares of ADTRAN in a research note on Wednesday, August 5th. B. Riley Financial reissued a “buy” rating and set a $14.00 price target (down from $21.00) on shares of ADTRAN in a report on Wednesday, November 4th. Needham & Company LLC dropped their price target on ADTRAN from $14.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, November 3rd. Weiss Ratings downgraded ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 16th. Finally, Craig Hallum set a $12.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $11.21.

About ADTRAN

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.