ADTRAN (NASDAQ:ADTN) Trading 5.3% Higher Following Analyst Upgrade

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) shot up 5.3% during mid-day trading on Thursday after Northland Securities raised their price target on the stock from $9.00 to $10.00. Northland Securities currently has an outperform rating on the stock. ADTRAN traded as high as $8.55 and last traded at $8.55. 147,956 shares traded hands during trading, a decline of 81% from the average session volume of 797,614 shares. The stock had previously closed at $8.12.

A number of other analysts have also commented on ADTN. Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. Needham & Company LLC raised their price objective on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $10.33.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of ADTRAN during the 2nd quarter worth $90,000. Assenagon Asset Management S.A. acquired a new position in ADTRAN in the 2nd quarter worth about $212,000. Versor Investments LP raised its holdings in ADTRAN by 36.5% in the 2nd quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock valued at $159,000 after buying an additional 8,100 shares during the last quarter. American Century Companies Inc. boosted its position in ADTRAN by 17.9% during the 2nd quarter. American Century Companies Inc. now owns 90,343 shares of the communications equipment provider’s stock worth $475,000 after buying an additional 13,688 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in ADTRAN by 3.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock worth $376,000 after acquiring an additional 2,396 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Trading Up 3.7 %

The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The company has a market cap of $667.76 million, a price-to-earnings ratio of -1.29 and a beta of 1.29. The business’s fifty day moving average price is $7.47 and its 200 day moving average price is $6.18.

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.