ADTRAN (NASDAQ:ADTN) Reaches New 12-Month High - Here's Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $10.88 and last traded at $10.52, with a volume of 222980 shares changing hands. The stock had previously closed at $10.19.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADTN. Rosenblatt Securities raised ADTRAN from a "neutral" rating to a "buy" rating and raised their target price for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. 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 reissued a "buy" rating and set a $11.00 price objective on shares of ADTRAN in a research report on Thursday, January 16th. StockNews.com raised ADTRAN from a "sell" rating to a "hold" rating in a report on Wednesday, October 2nd. Finally, Craig Hallum began coverage on ADTRAN in a research note on Wednesday, January 8th. They set a "buy" rating and a $15.00 price objective for the company. One 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $11.50.

ADTRAN Trading Up 2.6 %

The stock has a fifty day simple moving average of $8.76 and a 200 day simple moving average of $6.85. The firm has a market capitalization of $828.79 million, a P/E ratio of -1.61 and a beta of 1.28. 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

Several hedge funds have recently modified their holdings of the stock. American Century Companies Inc. increased its holdings in ADTRAN by 17.9% in the 2nd quarter. American Century Companies Inc. now owns 90,343 shares of the communications equipment provider's stock valued at $475,000 after acquiring an additional 13,688 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of ADTRAN by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider's stock worth $376,000 after purchasing an additional 2,396 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of ADTRAN by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider's stock worth $1,472,000 after buying an additional 3,638 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider's stock worth $3,579,000 after buying an additional 142,100 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in ADTRAN by 327.5% during the 2nd quarter. Hsbc Holdings PLC now owns 53,065 shares of the communications equipment provider's stock valued at $282,000 after buying an additional 40,653 shares in the last quarter. 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.