ADTRAN (NASDAQ:ADTN) Shares Up 7.3% - Here's Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s share price rose 7.3% during trading on Wednesday . The company traded as high as $10.38 and last traded at $10.34. Approximately 257,774 shares were traded during trading, a decline of 70% from the average daily volume of 865,537 shares. The stock had previously closed at $9.64.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADTN. Northland Securities lifted their price target on shares of ADTRAN from $9.00 to $10.00 and gave the company an "outperform" rating in a report on Thursday, December 19th. Rosenblatt Securities raised shares of ADTRAN from a "neutral" rating to a "buy" rating and lifted their target price for the company from $6.00 to $10.00 in a research note on Friday, November 8th. Craig Hallum started coverage on shares of ADTRAN in a research note on Wednesday. They issued a "buy" rating and a $15.00 price target for the company. StockNews.com raised ADTRAN from a "sell" rating to a "hold" rating in a research report on Wednesday, October 2nd. Finally, Needham & Company LLC increased their target price 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, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $11.50.

ADTRAN Price Performance

The firm has a market cap of $831.92 million, a P/E ratio of -1.61 and a beta of 1.28. 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 firm's 50 day moving average is $8.14 and its 200 day moving average is $6.53.

Institutional Trading of ADTRAN

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Divisar Capital Management LLC raised its stake in ADTRAN by 25.0% during the second quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider's stock valued at $30,195,000 after buying an additional 1,146,774 shares during the last quarter. Paradigm Capital Management Inc. NY raised its position in shares of ADTRAN by 173.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider's stock worth $12,872,000 after purchasing an additional 1,551,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock worth $10,736,000 after purchasing an additional 63,960 shares in the last quarter. State Street Corp grew its position in ADTRAN by 2.8% during the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock valued at $10,484,000 after purchasing an additional 48,542 shares during the last quarter. Finally, Millennium Management LLC increased its stake 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 valued at $8,151,000 after purchasing an additional 1,532,257 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.