ADTRAN (NASDAQ:ADTN) Shares Up 7.6% – Should You Buy?

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) traded up 7.6% on Thursday . The stock traded as high as $10.71 and last traded at $10.57. 260,486 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,037,332 shares. The stock had previously closed at $9.82.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ADTN shares. Northland Securities upped their target price on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Rosenblatt Securities boosted their price objective on shares of ADTRAN from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Craig Hallum started coverage on ADTRAN in a research report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of ADTRAN in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $12.75.

ADTRAN Stock Up 9.1 %

The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The firm has a market cap of $849.41 million, a PE ratio of -1.65 and a beta of 1.28. The firm’s 50 day moving average is $9.06 and its 200-day moving average is $7.07.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently made changes to their positions in ADTN. Inspire Investing LLC raised its stake in ADTRAN by 5.1% during the third quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock worth $413,000 after purchasing an additional 3,387 shares during the period. Dimensional Fund Advisors LP increased its position in ADTRAN by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock worth $1,472,000 after purchasing an additional 3,638 shares in the last quarter. Blue Trust Inc. raised 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 buying an additional 4,177 shares during the period. SG Americas Securities LLC lifted its position in ADTRAN by 24.7% during the fourth quarter. SG Americas Securities LLC now owns 35,424 shares of the communications equipment provider’s stock valued at $295,000 after buying an additional 7,011 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in ADTRAN by 94.8% during 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 period. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.