ADTRAN (NASDAQ:ADTN) Reaches New 1-Year High - Here's What Happened

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.44 and last traded at $10.78, with a volume of 605931 shares. The stock had previously closed at $10.61.

Analysts Set New Price Targets

Several analysts recently commented on the company. Rosenblatt Securities restated a "buy" rating and issued a $15.00 target price on shares of ADTRAN in a research report on Friday. Northland Securities raised their price target on ADTRAN from $9.00 to $10.00 and gave the company an "outperform" rating in a report on Thursday, December 19th. Craig Hallum initiated coverage on shares of ADTRAN in a report on Wednesday, January 8th. They issued a "buy" rating and a $15.00 price objective for the company. Finally, Needham & Company LLC raised their target price on shares of ADTRAN from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $13.50.

ADTRAN Stock Down 0.1 %

The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The company has a market cap of $837.47 million, a P/E ratio of -1.62 and a beta of 1.29. The stock has a 50 day moving average price of $10.17 and a 200 day moving average price of $7.89.

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Institutional Investors Weigh In On ADTRAN

Institutional investors and hedge funds have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC bought a new stake in shares of ADTRAN in the 4th quarter worth approximately $12,921,000. JPMorgan Chase & Co. increased its holdings in shares of ADTRAN by 591.5% in the fourth quarter. JPMorgan Chase & Co. now owns 863,807 shares of the communications equipment provider's stock valued at $7,196,000 after buying an additional 738,893 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of ADTRAN during the 4th quarter valued at $6,095,000. Royce & Associates LP acquired a new stake in shares of ADTRAN during the 4th quarter valued at $4,061,000. Finally, 1492 Capital Management LLC bought a new stake in shares of ADTRAN during the 4th quarter worth $3,033,000. 80.56% of the stock is owned by institutional investors and hedge funds.

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.