ADTRAN (NASDAQ:ADTN) Reaches New 12-Month High – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares reached a new 52-week high on Thursday . The stock traded as high as $11.79 and last traded at $11.71, with a volume of 311428 shares. The stock had previously closed at $11.06.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Craig Hallum initiated coverage on shares of ADTRAN in a report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 target price on the stock. Northland Securities increased their price target on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Needham & Company LLC restated a “buy” rating and set a $11.00 price objective on shares of ADTRAN in a research report on Thursday, January 16th. Finally, Rosenblatt Securities raised their target price on ADTRAN from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ADTRAN presently has an average rating of “Buy” and an average price target of $12.75.

ADTRAN Stock Performance

The company’s 50 day moving average is $9.53 and its 200 day moving average is $7.40. The firm has a market cap of $943.08 million, a P/E ratio of -1.82 and a beta of 1.29. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Hedge Funds Weigh In On ADTRAN

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Catalyst Funds Management Pty Ltd lifted its position in shares of ADTRAN by 6.0% during the 4th quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider’s stock worth $190,000 after buying an additional 1,300 shares in the last quarter. Inspire Investing LLC lifted its holdings in ADTRAN by 5.1% during the third quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock worth $413,000 after acquiring an additional 3,387 shares during the period. Blue Trust Inc. boosted its position in ADTRAN by 798.7% in the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 4,177 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in ADTRAN by 2.5% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 220,401 shares of the communications equipment provider’s stock valued at $1,829,000 after purchasing an additional 5,382 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of ADTRAN by 24.7% during the 4th quarter. SG Americas Securities LLC now owns 35,424 shares of the communications equipment provider’s stock valued at $295,000 after purchasing an additional 7,011 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.