ADTRAN (NASDAQ:ADTN) Shares Gap Down - Time to Sell?

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $8.86, but opened at $8.65. ADTRAN shares last traded at $8.65, with a volume of 97,656 shares traded.

Analysts Set New Price Targets

ADTN has been the subject of a number of research analyst reports. Rosenblatt Securities raised shares of ADTRAN from a "neutral" rating to a "buy" rating and upped their price objective for the company from $6.00 to $10.00 in a research report on Friday, November 8th. StockNews.com upgraded ADTRAN from a "sell" rating to a "hold" rating in a research note on Wednesday, October 2nd. Finally, Needham & Company LLC raised their price objective on ADTRAN from $8.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ADTRAN currently has a consensus rating of "Buy" and a consensus price target of $9.50.

ADTRAN Stock Down 3.6 %

The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The business's fifty day moving average price is $7.31 and its 200 day moving average price is $6.12. The company has a market capitalization of $677.31 million, a P/E ratio of -1.31 and a beta of 1.29.

Institutional Investors Weigh In On ADTRAN

A number of large investors have recently added to or reduced their stakes in ADTN. Paradigm Capital Management Inc. NY lifted its position in ADTRAN by 173.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider's stock worth $12,872,000 after acquiring an additional 1,551,000 shares during the last quarter. Millennium Management LLC lifted its holdings 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 purchasing an additional 1,532,257 shares during the last quarter. Divisar Capital Management LLC lifted its holdings in ADTRAN by 25.0% during the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider's stock worth $30,195,000 after purchasing an additional 1,146,774 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in ADTRAN by 1,545.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider's stock valued at $3,927,000 after purchasing an additional 621,906 shares during the period. Finally, Marshall Wace LLP grew its holdings in ADTRAN by 3,656.1% in the 2nd quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider's stock valued at $2,336,000 after buying an additional 432,372 shares in the last quarter. 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.