ADTRAN (NASDAQ:ADTN) Trading Down 5.6% - Here's Why

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) dropped 5.6% on Thursday . The stock traded as low as $9.78 and last traded at $10.00. Approximately 483,813 shares traded hands during trading, a decline of 44% from the average daily volume of 859,232 shares. The stock had previously closed at $10.59.

Wall Street Analyst Weigh In

ADTN has been the topic of several recent analyst reports. Craig Hallum initiated coverage on ADTRAN in a report on Wednesday, January 8th. They set a "buy" rating and a $15.00 target price on the stock. Needham & Company LLC boosted their price target on ADTRAN from $11.00 to $14.00 and gave the company a "buy" rating in a report on Friday, February 28th. Rosenblatt Securities restated a "buy" rating and issued a $15.00 price target on shares of ADTRAN in a report on Friday, February 28th. Finally, Northland Securities boosted 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. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, ADTRAN has a consensus rating of "Buy" and an average target price of $13.50.

ADTRAN Trading Down 7.3 %

The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The business has a 50-day moving average of $10.34 and a 200-day moving average of $8.08. The firm has a market cap of $678.01 million, a price-to-earnings ratio of -1.30 and a beta of 1.29.

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Institutional Trading of ADTRAN

A number of hedge funds and other institutional investors have recently modified their holdings of ADTN. GSA Capital Partners LLP increased its position in shares of ADTRAN by 99.3% in the third quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider's stock valued at $2,914,000 after acquiring an additional 244,901 shares during the last quarter. Kovack Advisors Inc. increased its position in shares of ADTRAN by 20.9% in the third quarter. Kovack Advisors Inc. now owns 778,850 shares of the communications equipment provider's stock valued at $4,619,000 after acquiring an additional 134,900 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of ADTRAN in the third quarter valued at about $92,000. Point72 Asset Management L.P. acquired a new position in ADTRAN during the third quarter worth approximately $114,000. Finally, Quantinno Capital Management LP acquired a new position in ADTRAN during the third quarter worth approximately $120,000. Institutional investors and hedge funds own 80.56% of the company's stock.

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.