ADTRAN (NASDAQ:ADTN) Trading 7.3% Higher – Should You Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price shot up 7.3% during mid-day trading on Wednesday . The stock traded as high as $10.38 and last traded at $10.34. 257,774 shares were traded during trading, a decline of 70% from the average session volume of 865,537 shares. The stock had previously closed at $9.64.

Analysts Set New Price Targets

Several equities analysts have commented on ADTN shares. Northland Securities upped 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. Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and increased their price target for the company from $6.00 to $10.00 in a report on Friday, November 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Craig Hallum started coverage on ADTRAN in a research note on Wednesday. They set a “buy” rating and a $15.00 target price on the stock. Finally, Needham & Company LLC boosted their price target on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ADTRAN has a consensus rating of “Buy” and a consensus price target of $11.50.

ADTRAN Trading Up 7.1 %

The company has a market capitalization of $818.44 million, a price-to-earnings ratio of -1.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The business’s 50-day moving average price is $8.14 and its two-hundred day moving average price is $6.53.

Institutional Investors Weigh In On ADTRAN

Large investors have recently bought and sold shares of the company. Paradigm Capital Management Inc. NY lifted its position in shares of ADTRAN by 173.1% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after buying an additional 1,551,000 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of ADTRAN by 8,824.3% in the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after acquiring an additional 1,532,257 shares during the last quarter. Divisar Capital Management LLC boosted its stake in shares of ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock valued at $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of ADTRAN by 1,545.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock valued at $3,927,000 after purchasing an additional 621,906 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of ADTRAN by 3,656.1% during the 2nd quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after purchasing an additional 432,372 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.