Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Decreases By 7.5%

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,100,000 shares, a drop of 7.5% from the October 15th total of 2,270,000 shares. Based on an average daily trading volume, of 495,600 shares, the short-interest ratio is presently 4.2 days.

ADTRAN Price Performance

Shares of ADTN stock opened at $7.75 on Monday. The company has a market cap of $614.19 million, a P/E ratio of -1.19 and a beta of 1.20. 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 stock’s 50-day moving average is $6.19 and its 200 day moving average is $5.69. ADTRAN has a 1-year low of $4.34 and a 1-year high of $8.29.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ADTN. Geode Capital Management LLC boosted its stake in ADTRAN by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after acquiring an additional 63,960 shares in the last quarter. Barclays PLC lifted its holdings in shares of ADTRAN by 11.4% during the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock valued at $686,000 after purchasing an additional 11,880 shares during the last quarter. State Street Corp boosted its position in shares of ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after purchasing an additional 48,542 shares in the last quarter. Quantinno Capital Management LP purchased a new position in ADTRAN during the 3rd quarter worth $120,000. Finally, Point72 Asset Management L.P. acquired a new position in ADTRAN during the 3rd quarter valued at about $114,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and boosted their price target for the company from $6.00 to $10.00 in a report on Friday, November 8th. Finally, StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.50.

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.