ADTRAN (NASDAQ:ADTN) Hits New 1-Year High – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $8.37 and last traded at $8.37, with a volume of 34188 shares changing hands. The stock had previously closed at $8.16.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ADTN. Needham & Company LLC raised their price objective on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $6.00 to $10.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, ADTRAN presently has an average rating of “Buy” and an average price target of $9.50.

ADTRAN Stock Up 5.8 %

The firm has a market capitalization of $684.45 million, a P/E ratio of -1.32 and a beta of 1.20. The company has a fifty day simple moving average of $6.41 and a 200 day simple moving average of $5.76. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89.

Institutional Investors Weigh In On ADTRAN

A number of large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its holdings in ADTRAN by 26.4% in the 2nd quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock worth $3,579,000 after buying an additional 142,100 shares during the period. Paradigm Capital Management Inc. NY boosted its stake in shares of ADTRAN by 173.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after acquiring an additional 1,551,000 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of ADTRAN in the second quarter worth about $681,000. Divisar Capital Management LLC grew its position in shares of ADTRAN by 25.0% during the second quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in ADTRAN by 12.5% during the 1st quarter. Russell Investments Group Ltd. now owns 196,990 shares of the communications equipment provider’s stock valued at $1,072,000 after purchasing an additional 21,893 shares during the period. Institutional investors own 80.56% of the company’s stock.

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.