Magnetar Financial LLC Makes New $140,000 Investment in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Magnetar Financial LLC purchased a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,846 shares of the communications equipment provider’s stock, valued at approximately $140,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Intech Investment Management LLC bought a new position in ADTRAN during the third quarter valued at about $92,000. Point72 Asset Management L.P. bought a new stake in shares of ADTRAN during the third quarter valued at approximately $114,000. Quantinno Capital Management LP acquired a new position in shares of ADTRAN in the third quarter valued at $120,000. Inceptionr LLC bought a new position in ADTRAN in the fourth quarter worth $162,000. Finally, Catalyst Funds Management Pty Ltd boosted its stake in ADTRAN by 6.0% during the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider’s stock worth $190,000 after buying an additional 1,300 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ADTN shares. Craig Hallum initiated coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC raised their price target on shares of ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $15.00 price objective on shares of ADTRAN in a research note on Friday, February 28th. Finally, Northland Securities raised their target price on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ADTRAN presently has a consensus rating of “Buy” and a consensus target price of $13.50.

ADTRAN Price Performance

Shares of ADTRAN stock opened at $9.21 on Monday. The stock has a market capitalization of $735.51 million, a price-to-earnings ratio of -1.41 and a beta of 1.29. The firm’s 50-day moving average price is $10.26 and its two-hundred day moving average price is $8.30. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN Holdings, Inc. has a 1-year low of $4.34 and a 1-year high of $12.44.

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.