ADTRAN (NASDAQ:ADTN) Now Covered by B. Riley

B. Riley initiated coverage on shares of ADTRAN (NASDAQ:ADTN) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $16.00 price target on the communications equipment provider’s stock.

ADTN has been the subject of several other reports. Wall Street Zen lowered shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Wolfe Research initiated coverage on shares of ADTRAN in a research report on Monday, July 7th. They set a “peer perform” rating for the company. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.80.

ADTRAN Stock Up 9.2%

Shares of NASDAQ:ADTN opened at $9.58 on Thursday. ADTRAN has a 52-week low of $5.57 and a 52-week high of $12.44. The firm has a fifty day moving average of $9.28 and a 200 day moving average of $8.67. The firm has a market capitalization of $766.21 million, a PE ratio of -7.31 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.19 and a current ratio of 1.96.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). ADTRAN had a negative return on equity of 10.09% and a negative net margin of 11.02%.The company had revenue of $265.07 million during the quarter, compared to analysts’ expectations of $255.57 million. During the same quarter last year, the firm posted ($0.24) earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. As a group, research analysts anticipate that ADTRAN will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors have recently made changes to their positions in ADTN. Cape Investment Advisory Inc. purchased a new stake in shares of ADTRAN during the second quarter valued at approximately $27,000. FNY Investment Advisers LLC purchased a new stake in shares of ADTRAN during the first quarter valued at approximately $65,000. New York State Teachers Retirement System purchased a new stake in shares of ADTRAN during the second quarter valued at approximately $65,000. Park Avenue Securities LLC purchased a new stake in shares of ADTRAN during the second quarter valued at approximately $91,000. Finally, Ballentine Partners LLC purchased a new stake in shares of ADTRAN during the first quarter valued at approximately $94,000. Hedge funds and other institutional investors 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.