Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Grows By 40.5%

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,630,000 shares, a growth of 40.5% from the December 15th total of 1,160,000 shares. Based on an average trading volume of 666,300 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Trading of ADTRAN

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in shares of ADTRAN by 798.7% during the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 4,177 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of ADTRAN in the 3rd quarter valued at about $65,000. Point72 DIFC Ltd purchased a new position in shares of ADTRAN in the 2nd quarter worth approximately $69,000. Intech Investment Management LLC bought a new position in shares of ADTRAN during the 3rd quarter worth approximately $92,000. Finally, Harbor Capital Advisors Inc. lifted its position in ADTRAN by 94.8% during the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after acquiring an additional 9,202 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADTN. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. Northland Securities lifted their price objective on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Craig Hallum assumed coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They issued a “buy” rating and a $15.00 target price on the stock. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Needham & Company LLC increased their price objective on ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $11.50.

ADTRAN Trading Down 0.7 %

NASDAQ:ADTN opened at $9.94 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The firm has a 50-day simple moving average of $8.47 and a 200-day simple moving average of $6.68. ADTRAN has a one year low of $4.34 and a one year high of $10.71. The firm has a market cap of $788.30 million, a P/E ratio of -1.53 and a beta of 1.28.

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.