ADTRAN (NASDAQ:ADTN) Stock Price Up 13.6% – What’s Next?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) rose 13.6% during mid-day trading on Thursday . The stock traded as high as $7.26 and last traded at $7.19. Approximately 656,488 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 807,169 shares. The stock had previously closed at $6.33.

Analyst Upgrades and Downgrades

ADTN has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $8.00 price target on shares of ADTRAN in a research report on Thursday, August 8th. Rosenblatt Securities restated a “neutral” rating and issued a $6.00 price target on shares of ADTRAN in a research report on Wednesday, August 7th. Finally, StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ADTRAN has a consensus rating of “Moderate Buy” and an average price target of $7.17.

ADTRAN Stock Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.31 and a current ratio of 2.31. The firm’s 50-day moving average price is $5.83 and its two-hundred day moving average price is $5.51. The firm has a market capitalization of $598.19 million, a price-to-earnings ratio of -0.97 and a beta of 1.20.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The business had revenue of $225.99 million for the quarter, compared to analyst estimates of $225.95 million. ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. Sell-side analysts predict that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. William Blair Investment Management LLC boosted its position in ADTRAN by 22.5% in the first quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock valued at $24,241,000 after buying an additional 817,762 shares in the last quarter. Renaissance Technologies LLC boosted its position in ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock valued at $3,579,000 after buying an additional 142,100 shares in the last quarter. Paradigm Capital Management Inc. NY boosted its position in ADTRAN by 173.1% in the second 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 buying an additional 1,551,000 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in ADTRAN in the second quarter valued at about $681,000. Finally, Inspire Investing LLC acquired a new position in ADTRAN in the first quarter valued at about $356,000. 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.