ADTRAN (NASDAQ:ADTN) Shares Gap Up – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $7.56, but opened at $7.96. ADTRAN shares last traded at $8.1550, with a volume of 329,804 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ADTN shares. Wall Street Zen cut shares of ADTRAN from a “buy” rating to a “hold” rating in a report on Saturday. Craig Hallum set a $12.00 target price on ADTRAN in a report on Wednesday, August 5th. Northland Securities set a $15.00 target price on ADTRAN in a research note on Wednesday, August 5th. B. Riley Financial restated a “buy” rating and issued a $21.00 price target (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Finally, Zacks Research lowered ADTRAN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $14.67.

ADTRAN Stock Performance

The stock’s 50 day moving average is $12.38 and its two-hundred day moving average is $12.71. The stock has a market capitalization of $632.28 million, a price-to-earnings ratio of -27.71 and a beta of 1.47. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The firm had revenue of $281.15 million during the quarter, compared to the consensus estimate of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. Analysts expect that ADTRAN Holdings, Inc. will post 0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of the company. Persistent Asset Partners Ltd bought a new position in shares of ADTRAN during the 2nd quarter worth approximately $28,000. Quarry LP bought a new stake in shares of ADTRAN in the third quarter worth $36,000. Kestra Advisory Services LLC acquired a new position in ADTRAN during the fourth quarter worth $36,000. ST Germain D J Co. Inc. boosted its holdings in ADTRAN by 100.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in ADTRAN in the fourth quarter valued at $47,000. 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.