ADTRAN Holdings, Inc. (NASDAQ:ADTN) Short Interest Down 7.5% in October

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 2,100,000 shares, a decline of 7.5% from the October 15th total of 2,270,000 shares. Based on an average daily trading volume, of 495,600 shares, the days-to-cover ratio is currently 4.2 days.

ADTRAN Price Performance

NASDAQ:ADTN opened at $7.92 on Wednesday. The business’s 50-day moving average is $6.30 and its 200 day moving average is $5.73. ADTRAN has a 12 month low of $4.34 and a 12 month high of $8.29. The company has a market capitalization of $627.66 million, a P/E ratio of -1.22 and a beta of 1.20. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ADTN shares. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Needham & Company LLC lifted their target price on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and upped their price target for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

Institutional Trading of ADTRAN

Several hedge funds have recently modified their holdings of ADTN. Blue Trust Inc. increased its position in 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 purchasing an additional 4,177 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of ADTRAN in the 3rd quarter worth about $65,000. Point72 DIFC Ltd purchased a new stake in shares of ADTRAN during the 2nd quarter valued at about $69,000. SG Americas Securities LLC bought a new position in shares of ADTRAN in the 2nd quarter valued at about $90,000. Finally, Intech Investment Management LLC purchased a new position in ADTRAN in the third quarter worth about $92,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

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.