ADTRAN (NASDAQ:ADTN) Trading Up 7.6% - Here's Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s share price traded up 7.6% during trading on Thursday . The company traded as high as $10.71 and last traded at $10.57. 260,486 shares traded hands during trading, a decline of 75% from the average session volume of 1,037,332 shares. The stock had previously closed at $9.82.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Rosenblatt Securities increased their target price on ADTRAN from $10.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, January 22nd. Northland Securities increased 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price target on shares of ADTRAN in a report on Thursday, January 16th. Finally, Craig Hallum began coverage on ADTRAN in a report on Wednesday, January 8th. They issued a "buy" rating and a $15.00 price target for the company. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $12.75.

ADTRAN Price Performance

The firm has a market cap of $812.13 million, a price-to-earnings ratio of -1.57 and a beta of 1.29. The stock has a 50-day moving average price of $9.15 and a 200 day moving average price of $7.14. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors have recently added to or reduced their stakes in ADTN. Millennium Management LLC boosted its holdings in ADTRAN by 8,824.3% in the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider's stock valued at $8,151,000 after purchasing an additional 1,532,257 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings 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 in the last quarter. GSA Capital Partners LLP boosted its stake in shares of ADTRAN by 99.3% during the 3rd quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider's stock worth $2,914,000 after acquiring an additional 244,901 shares in the last quarter. Kovack Advisors Inc. boosted its stake in shares of ADTRAN by 20.9% during the 3rd quarter. Kovack Advisors Inc. now owns 778,850 shares of the communications equipment provider's stock worth $4,619,000 after acquiring an additional 134,900 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ADTRAN during the 2nd quarter worth approximately $681,000. Hedge funds and other institutional investors 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.