ADTRAN (NASDAQ:ADTN) Reaches New 52-Week High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) hit a new 52-week high on Thursday . The company traded as high as $9.21 and last traded at $8.99, with a volume of 94618 shares. The stock had previously closed at $8.67.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Needham & Company LLC boosted their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $9.50.

ADTRAN Price Performance

The company has a market cap of $709.00 million, a price-to-earnings ratio of -1.33 and a beta of 1.29. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The company’s fifty day moving average price is $7.20 and its two-hundred day moving average price is $6.08.

Institutional Trading of ADTRAN

A number of institutional investors have recently made changes to their positions in ADTN. Blue Trust Inc. raised its position in ADTRAN by 798.7% during the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 4,177 shares in the last quarter. Park Avenue Securities LLC bought a new stake in ADTRAN during the third quarter worth $65,000. Point72 DIFC Ltd bought a new stake in ADTRAN during the second quarter worth $69,000. SG Americas Securities LLC bought a new stake in ADTRAN during the second quarter worth $90,000. Finally, Intech Investment Management LLC bought a new stake in ADTRAN during the third quarter worth $92,000. 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.