ADTRAN (NASDAQ:ADTN) Trading Up 5.3% on Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s stock price was up 5.3% during trading on Thursday after Northland Securities raised their price target on the stock from $9.00 to $10.00. Northland Securities currently has an outperform rating on the stock. ADTRAN traded as high as $8.55 and last traded at $8.55. Approximately 147,956 shares changed hands during trading, a decline of 81% from the average daily volume of 797,614 shares. The stock had previously closed at $8.12.

ADTN has been the subject of several other reports. StockNews.com raised ADTRAN from a "sell" rating to a "hold" rating in a report on Wednesday, October 2nd. Needham & Company LLC raised their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities upgraded shares of ADTRAN from a "neutral" rating to a "buy" rating and upped their price target for the company from $6.00 to $10.00 in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $10.33.

Institutional Investors Weigh In On ADTRAN

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its stake in ADTRAN by 798.7% in the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider's stock valued at $28,000 after buying an additional 4,177 shares during the period. Park Avenue Securities LLC acquired a new stake in ADTRAN in the third quarter valued at about $65,000. Point72 DIFC Ltd purchased a new stake in ADTRAN in the 2nd quarter valued at approximately $69,000. SG Americas Securities LLC acquired a new position in ADTRAN during the 2nd quarter worth approximately $90,000. Finally, Intech Investment Management LLC acquired a new stake in shares of ADTRAN in the 3rd quarter valued at approximately $92,000. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Stock Performance

The stock has a 50 day moving average of $7.47 and a two-hundred day moving average of $6.18. The stock has a market capitalization of $665.38 million, a PE ratio of -1.29 and a beta of 1.29. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

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.