ADTRAN (NASDAQ:ADTN) Sets New 12-Month High – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $11.38 and last traded at $11.17, with a volume of 113314 shares changing hands. The stock had previously closed at $11.00.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Northland Securities raised their target price on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Craig Hallum began coverage on ADTRAN in a report on Wednesday, January 8th. They set a “buy” rating and a $15.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of ADTRAN in a report on Thursday, January 16th. Finally, Rosenblatt Securities upped their price objective on ADTRAN from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. 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, ADTRAN has an average rating of “Buy” and an average target price of $12.75.

ADTRAN Stock Performance

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 capitalization of $871.22 million, a price-to-earnings ratio of -1.69 and a beta of 1.29. The firm has a fifty day simple moving average of $9.27 and a 200 day simple moving average of $7.22.

Institutional Trading of ADTRAN

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its stake in ADTRAN by 8,824.3% during the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after purchasing an additional 1,532,257 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of ADTRAN by 1,545.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock valued at $3,927,000 after buying an additional 621,906 shares during the period. GSA Capital Partners LLP lifted its stake in ADTRAN by 99.3% during the 3rd quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock worth $2,914,000 after acquiring an additional 244,901 shares in the last quarter. Kovack Advisors Inc. boosted its holdings in ADTRAN by 20.9% during the 3rd quarter. Kovack Advisors Inc. now owns 778,850 shares of the communications equipment provider’s stock valued at $4,619,000 after acquiring an additional 134,900 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in ADTRAN during the second quarter worth about $681,000. 80.56% of the stock is owned by institutional investors and hedge funds.

About ADTRAN

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.