ADTRAN (NASDAQ:ADTN) Sets New 52-Week High - Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.47 and last traded at $9.47, with a volume of 105222 shares trading hands. The stock had previously closed at $9.04.

Analysts Set New Price Targets

Several research firms have weighed in on ADTN. Rosenblatt Securities upgraded shares of ADTRAN from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $6.00 to $10.00 in a report on Friday, November 8th. Needham & Company LLC upped their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Northland Securities lifted their price target on ADTRAN from $9.00 to $10.00 and gave the company an "outperform" rating in a research note on Thursday, December 19th. Finally, StockNews.com raised ADTRAN from a "sell" rating to a "hold" rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ADTRAN presently has a consensus rating of "Buy" and an average target price of $10.33.

ADTRAN Price Performance

The company has a market capitalization of $766.89 million, a P/E ratio of -1.49 and a beta of 1.28. The business's 50-day moving average is $8.01 and its two-hundred day moving average is $6.46. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89.

Hedge Funds Weigh In On ADTRAN

A number of hedge funds and other institutional investors have recently modified their holdings of ADTN. Renaissance Technologies LLC lifted its holdings in ADTRAN by 26.4% during the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider's stock worth $3,579,000 after acquiring an additional 142,100 shares during the period. Geode Capital Management LLC increased its position in shares of ADTRAN by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock valued at $10,736,000 after purchasing an additional 63,960 shares during the last quarter. Paradigm Capital Management Inc. NY raised its stake 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 purchasing an additional 1,551,000 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of ADTRAN in the 2nd quarter worth about $681,000. Finally, State Street Corp grew its position in ADTRAN by 2.8% during the third quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock valued at $10,484,000 after buying an additional 48,542 shares during the period. Hedge funds and other institutional investors own 80.56% of the company's stock.

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.