ADTRAN (NASDAQ:ADTN) Trading 5.3% Higher on Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price rose 5.3% during trading on Thursday after Northland Securities raised their price target on the stock from $9.00 to $10.00. Northland Securities currently has an outperform rating on the stock. ADTRAN traded as high as $8.55 and last traded at $8.55. Approximately 147,956 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 797,614 shares. The stock had previously closed at $8.12.

A number of other analysts also recently issued reports on ADTN. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and raised their target price for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. Needham & Company LLC raised their price objective on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $10.33.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADTN. Renaissance Technologies LLC increased its position in shares of ADTRAN by 26.4% during the 2nd quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock worth $3,579,000 after purchasing an additional 142,100 shares during the last quarter. Paradigm Capital Management Inc. NY increased its position in shares of ADTRAN by 173.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after acquiring an additional 1,551,000 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of ADTRAN during the second quarter valued at about $681,000. Divisar Capital Management LLC raised its stake in shares of ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock valued at $30,195,000 after acquiring an additional 1,146,774 shares during the period. Finally, GSA Capital Partners LLP lifted its holdings in shares of ADTRAN by 99.3% in the 3rd quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock worth $2,914,000 after acquiring an additional 244,901 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Price Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The stock’s 50-day moving average is $7.52 and its two-hundred day moving average is $6.20. The stock has a market cap of $649.52 million, a PE ratio of -1.26 and a beta of 1.29.

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.