ADTRAN (NASDAQ:ADTN) Hits New 12-Month High on Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares reached a new 52-week high on Friday after Needham & Company LLC raised their price target on the stock from $8.00 to $11.00. Needham & Company LLC currently has a buy rating on the stock. ADTRAN traded as high as $8.00 and last traded at $8.00, with a volume of 42924 shares traded. The stock had previously closed at $7.55.

ADTN has been the subject of several other research reports. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $6.00 to $10.00 in a research note on Friday. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADTN. Kovack Advisors Inc. increased its stake in shares of ADTRAN by 20.9% in the 3rd quarter. Kovack Advisors Inc. now owns 778,850 shares of the communications equipment provider’s stock valued at $4,619,000 after purchasing an additional 134,900 shares during the last quarter. GSA Capital Partners LLP grew its position in ADTRAN by 99.3% in the third quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock valued at $2,914,000 after acquiring an additional 244,901 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in ADTRAN by 94.8% in the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after acquiring an additional 9,202 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in ADTRAN by 1,545.2% during the third quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock worth $3,927,000 after acquiring an additional 621,906 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of ADTRAN by 798.7% in the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 4,177 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Trading Up 7.0 %

The company has a market capitalization of $640.19 million, a price-to-earnings ratio of -1.24 and a beta of 1.20. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86. The business’s 50 day moving average price is $5.92 and its two-hundred day moving average price is $5.55.

ADTRAN Company 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.