ADTRAN (NASDAQ:ADTN) Sets New 52-Week High – Should You Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $18.14 and last traded at $18.0330, with a volume of 232149 shares traded. The stock had previously closed at $17.69.

Analyst Upgrades and Downgrades

ADTN has been the subject of a number of analyst reports. B. Riley Financial reaffirmed a “buy” rating on shares of ADTRAN in a report on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Evercore initiated coverage on ADTRAN in a report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target for the company. Argus raised ADTRAN to a “hold” rating in a report on Wednesday, March 4th. Finally, Rosenblatt Securities raised their price target on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.00.

ADTRAN Stock Up 4.6%

The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50. The company has a market cap of $1.49 billion, a PE ratio of -36.26 and a beta of 1.23. The stock has a 50-day moving average of $12.93 and a 200-day moving average of $10.33.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Thursday, February 26th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The company had revenue of $291.56 million for the quarter, compared to the consensus estimate of $281.12 million. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. Sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors and hedge funds have recently made changes to their positions in ADTN. Millennium Management LLC raised its position in shares of ADTRAN by 371.2% in the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock worth $23,418,000 after buying an additional 2,122,844 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in shares of ADTRAN in the third quarter worth $10,168,000. Paradigm Capital Management Inc. NY raised its position in shares of ADTRAN by 527.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider’s stock worth $9,819,000 after buying an additional 949,909 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its position in shares of ADTRAN by 5,809.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 786,823 shares of the communications equipment provider’s stock worth $7,380,000 after buying an additional 773,509 shares in the last quarter. Finally, Tudor Investment Corp ET AL raised its position in shares of ADTRAN by 434.2% in the third quarter. Tudor Investment Corp ET AL now owns 897,115 shares of the communications equipment provider’s stock worth $8,415,000 after buying an additional 729,194 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

About ADTRAN

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.