ADTRAN Holdings, Inc. (NASDAQ:ADTN) Short Interest Down 35.8% in November

ADTRAN Holdings, Inc. (NASDAQ:ADTN) was the recipient of a large decrease in short interest in November. As of November 30th, there was short interest totalling 1,220,000 shares, a decrease of 35.8% from the November 15th total of 1,900,000 shares. Based on an average daily volume of 567,000 shares, the days-to-cover ratio is presently 2.2 days.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ADTN. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $6.00 to $10.00 in a report on Friday, November 8th. Finally, Needham & Company LLC increased their target price on shares of ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ADTRAN presently has an average rating of “Buy” and a consensus target price of $9.50.

ADTRAN Price Performance

Shares of ADTRAN stock opened at $8.86 on Friday. ADTRAN has a 12-month low of $4.34 and a 12-month high of $9.21. The firm has a market cap of $702.65 million, a PE ratio of -1.36 and a beta of 1.29. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The company’s fifty day simple moving average is $7.26 and its two-hundred day simple moving average is $6.10.

Institutional Investors Weigh In On ADTRAN

Several institutional investors and hedge funds have recently modified their holdings of ADTN. Blue Trust Inc. lifted its position in ADTRAN by 798.7% during the third 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 purchased a new stake in shares of ADTRAN during the 3rd quarter valued at about $65,000. Point72 DIFC Ltd bought a new position in shares of ADTRAN in the 2nd quarter worth approximately $69,000. Intech Investment Management LLC purchased a new position in shares of ADTRAN in the third quarter worth approximately $92,000. Finally, SG Americas Securities LLC purchased a new position in shares of ADTRAN during the 2nd quarter worth $90,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

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.