ADTRAN Holdings, Inc. (NASDAQ:ADTN) Sees Large Decrease in Short Interest

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 2,100,000 shares, a decline of 7.5% from the October 15th total of 2,270,000 shares. Based on an average daily volume of 495,600 shares, the days-to-cover ratio is currently 4.2 days.

Hedge Funds Weigh In On ADTRAN

Hedge funds have recently made changes to their positions in the business. Paradigm Capital Management Inc. NY raised its holdings in shares of ADTRAN by 173.1% in the second 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 period. Millennium Management LLC raised its stake in ADTRAN by 8,824.3% in the 2nd 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. DNB Asset Management AS raised its stake in ADTRAN by 33.4% in the 2nd quarter. DNB Asset Management AS now owns 4,631,848 shares of the communications equipment provider's stock worth $24,364,000 after acquiring an additional 1,159,809 shares during the last quarter. Divisar Capital Management LLC raised its stake in shares of ADTRAN by 25.0% during 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 buying an additional 1,146,774 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of ADTRAN by 1,545.2% during 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 buying an additional 621,906 shares during the last quarter. Institutional investors own 80.56% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADTN. Needham & Company LLC boosted 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. Rosenblatt Securities upgraded ADTRAN from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. Finally, StockNews.com upgraded ADTRAN from a "sell" rating to a "hold" rating in a research note on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $9.50.

ADTRAN Stock Performance

NASDAQ:ADTN traded down $0.02 during mid-day trading on Monday, hitting $7.73. 686,029 shares of the company traded hands, compared to its average volume of 817,580. The stock's fifty day moving average price is $6.19 and its 200-day moving average price is $5.69. ADTRAN has a one year low of $4.34 and a one year high of $8.29. 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 firm has a market cap of $612.60 million, a price-to-earnings ratio of -1.19 and a beta of 1.20.

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.