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

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price traded up 5.3% during 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 were traded during trading, a decline of 81% from the average session volume of 797,614 shares. The stock had previously closed at $8.12.

Several other equities research analysts also recently weighed in on the stock. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Needham & Company LLC lifted their price target on ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and upped their price objective for the company from $6.00 to $10.00 in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, ADTRAN currently has an average rating of “Buy” and a consensus target price of $10.33.

Hedge Funds Weigh In On ADTRAN

Several institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in shares of 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 during the last quarter. Park Avenue Securities LLC acquired a new stake in shares of ADTRAN in the third quarter valued at approximately $65,000. Point72 DIFC Ltd bought a new stake in shares of ADTRAN during the second quarter valued at approximately $69,000. SG Americas Securities LLC bought a new stake in shares of ADTRAN during the second quarter valued at approximately $90,000. Finally, Intech Investment Management LLC acquired a new position in shares of ADTRAN during the third quarter worth approximately $92,000. 80.56% of the stock is owned by institutional investors.

ADTRAN Price Performance

The business has a fifty day moving average of $7.52 and a 200-day moving average of $6.20. 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 market capitalization of $665.38 million, a P/E ratio of -1.29 and a beta of 1.29.

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.