SSgA Funds Management, Inc. recently announced the acquisition of new stake in ADTRAN Holdings Inc (NASDAQ:ADTN). The institutional investor has increased its shareholding in the Technology company by 2.47% to 2.79 million shares with purchase of 67428.0 shares. This fresh investment now brings its stake to 3.55% valued currently at $14.61 million. In addition, William Blair Investment Manageme raised its holdings by 0.88 million to 2.41 million shares. And Divisar Capital Management LLC has lifted its position by 66.97% or 0.79 million shares – to 1.96 million shares.
With over 0.45 million ADTRAN Holdings Inc (ADTN) shares trading Friday and a closing price of $7.15 on the day, the dollar volume was approximately $3.2 million. The shares have shown a negative half year performance of -28.71% and its price on 12/22/23 gained nearly 1.13%. Currently, there are 77.89M common shares owned by the public and among those 66.88M shares have been available to trade.
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Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 32 of these insider trades were purchases, accounting for 364,727 shares. Insider sales of the common stock occurred on 17 occasions, with total insider shares sold totaling 190,130 shares.
The top 3 mutual fund holders in ADTRAN Holdings Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. iShares Core S&P Small Cap ETF owns 4.76 million shares of the company’s stock, all valued at over $24.88 million. The company bought an additional 2634.0 shares recently to bring their total holdings to about 6.05% of the shares outstanding. iShares Russell 2000 ETF bought 978.0 shares to bring its total holdings to over 1.99 million shares at a value of $10.41 million. iShares Russell 2000 ETF now owns shares totaling to 2.53% of the shares outstanding.
Shares of ADTRAN Holdings Inc (NASDAQ: ADTN) opened at $7.16, up $0.09 from a prior closing price of $7.07. The company’s stock has a 5-day price change of 0.70% and -14.68% over the past three months. ADTN shares are trading -61.95% year to date (YTD), with the 12-month market performance down to -62.43% lower. It has a 12-month low price of $4.91 and touched a high of $20.21 over the same period. ADTN has an average intraday trading volume of 1.03 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 15.53%, 13.56%, and -21.38% respectively.
Institutional ownership of ADTRAN Holdings Inc (NASDAQ: ADTN) shares accounts for 82.01% of the company’s 77.89M shares outstanding. Mutual fund holders own 29.84%, while other institutional holders and individual stakeholders account for 52.51% and 2.09% respectively.
It has a market capitalization of $562.71M and a beta (3y monthly) value of 1.27. The earnings-per-share (ttm) stands at -$1.29. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.47% over the week and 4.76% over the month.
Analysts forecast that ADTRAN Holdings Inc (ADTN) will achieve an EPS of -$0.11 for the current quarter, -$0.08 for the next quarter and $0.12 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of -$0.05. Comparatively, EPS for the current quarter was $0.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -154.44%, and 136.73% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate ADTRAN Holdings Inc (ADTN) as a “Moderate Buy” at a consensus score of 2.25. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 5 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
