ADTRAN (NASDAQ:ADTN) Shares Down 5.6% – Here’s Why

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) traded down 5.6% during trading on Thursday . The company traded as low as $9.78 and last traded at $10.00. 483,813 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 859,232 shares. The stock had previously closed at $10.59.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADTN. Craig Hallum assumed coverage on ADTRAN in a research note on Wednesday, January 8th. They set a “buy” rating and a $15.00 price target for the company. Needham & Company LLC lifted their price target on shares of ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $15.00 price objective on shares of ADTRAN in a research note on Friday, February 28th. Finally, Northland Securities increased 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. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $13.50.

ADTRAN Stock Performance

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 of $10.26 and a two-hundred day moving average of $7.96. The company has a market capitalization of $755.39 million, a PE ratio of -1.47 and a beta of 1.29.

Institutional Trading of ADTRAN

A number of institutional investors and hedge funds have recently bought and sold shares of ADTN. Aquatic Capital Management LLC increased its stake in ADTRAN by 1,572.5% during the 4th quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider’s stock valued at $56,000 after purchasing an additional 6,290 shares in the last quarter. Intech Investment Management LLC purchased a new stake in ADTRAN during the 3rd quarter valued at $92,000. SIH Partners LLLP purchased a new stake in ADTRAN during the 4th quarter valued at $107,000. Harbor Capital Advisors Inc. boosted its stake in ADTRAN by 94.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after purchasing an additional 9,202 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in ADTRAN during the 3rd quarter valued at $114,000. 80.56% of the stock is currently owned by institutional investors.

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.