ADTRAN (NASDAQ:ADTN) Hits New 1-Year High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price reached a new 52-week high on Monday . The company traded as high as $9.47 and last traded at $9.47, with a volume of 105222 shares traded. The stock had previously closed at $9.04.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADTN. Needham & Company LLC boosted their price objective 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. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and boosted their price target for the company from $6.00 to $10.00 in a research report on Friday, November 8th. Northland Securities raised their price objective on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Finally, StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $10.33.

ADTRAN Price Performance

The company has a market cap of $754.20 million, a PE ratio of -1.46 and a beta of 1.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The company has a 50-day moving average price of $8.01 and a two-hundred day moving average price of $6.46.

Institutional Trading of ADTRAN

Several large investors have recently modified their holdings of the business. Blue Trust Inc. boosted its holdings in ADTRAN by 798.7% in the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 4,177 shares during the last quarter. Park Avenue Securities LLC purchased a new position in shares of ADTRAN during the 3rd quarter valued at approximately $65,000. Point72 DIFC Ltd acquired a new stake in shares of ADTRAN during the second quarter worth approximately $69,000. Intech Investment Management LLC acquired a new stake in shares of ADTRAN during the third quarter worth approximately $92,000. Finally, Harbor Capital Advisors Inc. increased its stake in shares of ADTRAN by 94.8% in the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock worth $112,000 after buying an additional 9,202 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.