ADTRAN (NASDAQ:ADTN) Reaches New 52-Week High After Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday after Needham & Company LLC raised their price target on the stock from $8.00 to $11.00. Needham & Company LLC currently has a buy rating on the stock. ADTRAN traded as high as $8.00 and last traded at $8.00, with a volume of 42924 shares traded. The stock had previously closed at $7.55.

Several other equities research analysts also recently issued reports on the company. Rosenblatt Securities upgraded ADTRAN from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $6.00 to $10.00 in a report on Friday. StockNews.com upgraded ADTRAN from a "sell" rating to a "hold" rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, ADTRAN has a consensus rating of "Moderate Buy" and an average price target of $9.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Divisar Capital Management LLC lifted 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 during the period. DNB Asset Management AS lifted its stake in shares of 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 valued at $24,364,000 after purchasing an additional 1,159,809 shares during the period. William Blair Investment Management LLC raised its stake in ADTRAN by 22.5% during the 1st quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider's stock worth $24,241,000 after buying an additional 817,762 shares during the period. Paradigm Capital Management Inc. NY raised its stake in 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 period. Finally, Millennium Management LLC raised its stake in ADTRAN by 8,824.3% during the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider's stock worth $8,151,000 after buying an additional 1,532,257 shares during the period. 80.56% of the stock is currently owned by institutional investors.

ADTRAN Price Performance

The firm has a market cap of $639.39 million, a price-to-earnings ratio of -1.07 and a beta of 1.20. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86. The company has a 50 day moving average of $5.87 and a 200 day moving average of $5.53.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its quarterly earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. The firm had revenue of $225.99 million during the quarter, compared to analyst estimates of $225.95 million. Equities research analysts predict that ADTRAN Holdings, Inc. will post -0.41 EPS for the current fiscal year.

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.

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