ADTRAN (NASDAQ:ADTN) Hits New 12-Month High – What’s Next?

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) hit a new 52-week high on Thursday . The stock traded as high as $11.38 and last traded at $11.17, with a volume of 113314 shares trading hands. The stock had previously closed at $11.00.

Wall Street Analyst Weigh In

ADTN has been the topic of several analyst reports. Northland Securities lifted their price target on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Rosenblatt Securities lifted their target price on ADTRAN from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Craig Hallum assumed coverage on ADTRAN in a report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of ADTRAN in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $12.75.

ADTRAN Price Performance

The stock has a market cap of $881.13 million, a price-to-earnings ratio of -1.71 and a beta of 1.29. The company has a 50 day simple moving average of $9.38 and a 200-day simple moving average of $7.29. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its holdings in ADTRAN by 1,545.2% in the third quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock worth $3,927,000 after acquiring an additional 621,906 shares during the last quarter. Raymond James Financial Inc. acquired a new position in ADTRAN during the 4th quarter valued at approximately $2,146,000. GSA Capital Partners LLP grew 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 buying an additional 244,901 shares during the last quarter. Kovack Advisors Inc. boosted its holdings in shares of ADTRAN by 20.9% during the third 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 bought a new position in shares of ADTRAN during the second quarter worth about $681,000. 80.56% of the stock is currently owned by institutional investors.

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.