ADTRAN (NASDAQ:ADTN) Hits New 1-Year High Following Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price hit a new 52-week high during trading on Friday after Needham & Company LLC raised their price target on the stock from $8.00 to $11.00. Needham & Company LLC currently has a buy rating on the stock. ADTRAN traded as high as $8.00 and last traded at $8.00, with a volume of 42924 shares. The stock had previously closed at $7.55.

ADTN has been the topic of several other research reports. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and upped their target price for the stock from $6.00 to $10.00 in a report on Friday. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. lifted 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 last quarter. Park Avenue Securities LLC acquired a new stake in shares of ADTRAN during the 3rd quarter worth about $65,000. Point72 DIFC Ltd bought a new stake in shares of ADTRAN during the 2nd quarter worth about $69,000. SG Americas Securities LLC bought a new stake in shares of ADTRAN during the 2nd quarter worth about $90,000. Finally, PEAK6 Investments LLC grew its stake in ADTRAN by 28.5% in the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock valued at $96,000 after buying an additional 3,911 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors.

ADTRAN Stock Performance

The company’s fifty day simple moving average is $5.92 and its two-hundred day simple moving average is $5.55. 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 stock has a market capitalization of $640.19 million, a P/E ratio of -1.24 and a beta of 1.20.

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.