ADTRAN (NASDAQ:ADTN) Sets New 12-Month Low – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares reached a new 52-week low during mid-day trading on Monday. The company traded as low as $6.28 and last traded at $6.28, with a volume of 1,876,575 shares trading hands. The stock had previously closed at $6.53.

Wall Street Analysts Forecast Growth

ADTN has been the subject of a number of research analyst reports. Needham & Company LLC reduced their price objective on ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Rosenblatt Securities cut their price objective on shares of ADTRAN from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Craig Hallum set a $12.00 target price on shares of ADTRAN in a research report on Wednesday, August 5th. Zacks Research raised ADTRAN from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, Wall Street Zen cut shares of ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.67.

ADTRAN Trading Down 3.8%

The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69. The firm has a market capitalization of $511.69 million, a price-to-earnings ratio of -22.43, a P/E/G ratio of 4.00 and a beta of 1.53. The firm’s 50-day moving average is $7.13 and its 200 day moving average is $11.03.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to analyst estimates 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. On average, equities analysts predict that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its stake in ADTRAN by 42.3% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 40,000 shares of the communications equipment provider’s stock valued at $273,000 after buying an additional 11,900 shares during the period. Maxi Investments CY Ltd bought a new position in ADTRAN in the 3rd quarter valued at about $191,000. State of Alaska Department of Revenue boosted its position in shares of ADTRAN by 44.3% during the third quarter. State of Alaska Department of Revenue now owns 5,589 shares of the communications equipment provider’s stock valued at $38,000 after buying an additional 1,717 shares during the last quarter. Gratia Capital LLC bought a new position in shares of ADTRAN during the second quarter valued at about $3,482,000. Finally, Tidal Investments LLC lifted its position in shares of ADTRAN by 60.0% during the 2nd quarter. Tidal Investments LLC now owns 115,014 shares of the communications equipment provider’s stock worth $1,599,000 after buying an additional 43,114 shares in the last quarter. 80.56% of the stock is owned by institutional investors.

About ADTRAN

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.