ADTRAN Holdings, Inc. (NASDAQ:ADTN) Short Interest Down 35.8% in November

ADTRAN Holdings, Inc. (NASDAQ:ADTN) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 1,220,000 shares, a drop of 35.8% from the November 15th total of 1,900,000 shares. Based on an average daily trading volume, of 567,000 shares, the days-to-cover ratio is currently 2.2 days.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN opened at $8.86 on Friday. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $702.65 million, a price-to-earnings ratio of -1.36 and a beta of 1.29. ADTRAN has a 12 month low of $4.34 and a 12 month high of $9.21. The firm’s 50-day moving average is $7.26 and its 200 day moving average is $6.10.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ADTN shares. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Needham & Company LLC upped their price target on shares of 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 raised 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, November 8th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $9.50.

Institutional Investors Weigh In On ADTRAN

Hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. boosted its position in ADTRAN by 798.7% in the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 4,177 shares during the period. Park Avenue Securities LLC bought a new stake in ADTRAN during the 3rd quarter valued at $65,000. Point72 DIFC Ltd bought a new position in shares of ADTRAN during the 2nd quarter worth $69,000. SG Americas Securities LLC purchased a new position in shares of ADTRAN during the second quarter valued at $90,000. Finally, Intech Investment Management LLC purchased a new stake in ADTRAN in the third quarter worth about $92,000. 80.56% of the stock is currently 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.