ADTRAN (NASDAQ:ADTN) Hits New 1-Year High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price hit a new 52-week high on Thursday . The stock traded as high as $12.44 and last traded at $10.78, with a volume of 605931 shares trading hands. The stock had previously closed at $10.61.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADTN. Craig Hallum initiated coverage on ADTRAN in a research note on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective on the stock. Rosenblatt Securities reissued a “buy” rating and set a $15.00 price target on shares of ADTRAN in a research report on Friday. Needham & Company LLC lifted their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday. Finally, Northland Securities boosted their target price on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $13.50.

ADTRAN Price Performance

The firm has a market capitalization of $838.26 million, a price-to-earnings ratio of -1.62 and a beta of 1.29. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The business has a 50-day moving average price of $10.17 and a two-hundred day moving average price of $7.84.

Institutional Investors Weigh In On ADTRAN

Several large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of ADTRAN by 798.7% during the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 4,177 shares during the period. Aquatic Capital Management LLC raised its stake in shares of ADTRAN by 1,572.5% during the fourth quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider’s stock valued at $56,000 after purchasing an additional 6,290 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of ADTRAN during the third quarter valued at about $92,000. SIH Partners LLLP acquired a new stake in ADTRAN in the fourth quarter worth about $107,000. Finally, Harbor Capital Advisors Inc. grew its position in ADTRAN by 94.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after buying an additional 9,202 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

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.