ADTRAN (NASDAQ:ADTN) Trading Up 7.3% – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares rose 7.3% during trading on Wednesday . The company traded as high as $10.38 and last traded at $10.34. Approximately 257,774 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 865,537 shares. The stock had previously closed at $9.64.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ADTN shares. Northland Securities raised their price objective on ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Craig Hallum started coverage on ADTRAN in a research note on Wednesday. They set a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC raised their price objective 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 raised ADTRAN from a “neutral” rating to a “buy” rating and raised their price objective for the company from $6.00 to $10.00 in a research note on Friday, November 8th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ADTRAN currently has a consensus rating of “Buy” and an average price target of $11.50.

ADTRAN Stock Performance

The company has a market cap of $806.54 million, a PE ratio of -1.56 and a beta of 1.28. 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 business has a fifty day moving average of $8.31 and a 200-day moving average of $6.58.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its position in ADTRAN by 26.4% during the 2nd quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock valued at $3,579,000 after acquiring an additional 142,100 shares in the last quarter. Geode Capital Management LLC boosted its position in ADTRAN by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after acquiring an additional 63,960 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its position in ADTRAN by 173.1% during the 2nd 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 in the last quarter. Cubist Systematic Strategies LLC bought a new stake in ADTRAN during the 2nd quarter valued at approximately $681,000. Finally, State Street Corp boosted its position in ADTRAN by 2.8% during the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after acquiring an additional 48,542 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.