ADTRAN (NASDAQ:ADTN) Stock Price Up 8.8% – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price was up 8.8% on Monday . The stock traded as high as $16.74 and last traded at $16.7040. Approximately 665,968 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 2,000,666 shares. The stock had previously closed at $15.35.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADTN. Rosenblatt Securities upped their price objective on shares of ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Argus raised shares of ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. B. Riley Financial reaffirmed a “buy” rating on shares of ADTRAN in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research note on Thursday, April 2nd. Finally, Northland Securities set a $18.00 price target on shares of ADTRAN in a research note on Wednesday, May 6th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ADTRAN presently has a consensus rating of “Hold” and a consensus price target of $18.00.

ADTRAN Stock Up 6.6%

The stock’s 50 day simple moving average is $15.49 and its two-hundred day simple moving average is $11.53. The firm has a market cap of $1.33 billion, a P/E ratio of -42.01 and a beta of 1.42. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.77 and a quick ratio of 1.18.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The business had revenue of $286.09 million during the quarter, compared to the consensus estimate of $285.48 million. During the same quarter last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, research analysts forecast that ADTRAN Holdings, Inc. will post 0.43 earnings per share for the current year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. grew its holdings in shares of ADTRAN by 1.6% during the fourth quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider’s stock valued at $693,000 after buying an additional 1,263 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ADTRAN by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after buying an additional 1,946 shares during the last quarter. Occudo Quantitative Strategies LP grew its holdings in shares of ADTRAN by 3.2% during the third quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider’s stock valued at $616,000 after buying an additional 2,016 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of ADTRAN by 1.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider’s stock valued at $1,632,000 after buying an additional 2,068 shares during the last quarter. Finally, ST Germain D J Co. Inc. grew its holdings in shares of 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 valued at $43,000 after buying an additional 2,500 shares during 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.