ADTRAN (NASDAQ:ADTN) Trading Up 5.3% on Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price rose 5.3% during mid-day trading on Thursday after Northland Securities raised their price target on the stock from $9.00 to $10.00. Northland Securities currently has an outperform rating on the stock. ADTRAN traded as high as $8.55 and last traded at $8.55. Approximately 147,956 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 797,614 shares. The stock had previously closed at $8.12.

Other analysts also recently issued reports about the company. Needham & Company LLC raised 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. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $6.00 to $10.00 in a report 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. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $10.33.

Institutional Investors Weigh In On ADTRAN

Several hedge funds and other institutional investors have recently modified their holdings of ADTN. Massachusetts Financial Services Co. MA grew its holdings in shares of ADTRAN by 3.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock valued at $376,000 after purchasing an additional 2,396 shares during the last quarter. Inspire Investing LLC raised its holdings in ADTRAN by 5.1% during the 3rd quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock valued at $413,000 after buying an additional 3,387 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ADTRAN by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock valued at $1,472,000 after acquiring an additional 3,638 shares during the last quarter. Blue Trust Inc. increased its holdings in ADTRAN by 798.7% during the 3rd 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 period. Finally, Versor Investments LP increased its stake in shares of ADTRAN by 36.5% during the second quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock valued at $159,000 after buying an additional 8,100 shares during the period. 80.56% of the stock is currently owned by institutional investors.

ADTRAN Price Performance

The business has a 50 day moving average of $7.47 and a 200 day moving average of $6.18. The company has a market cap of $667.76 million, a PE ratio of -1.29 and a beta of 1.29. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

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.