ADTRAN (NASDAQ:ADTN) Shares Up 5.3% Following Analyst Upgrade

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) were up 5.3% during mid-day 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 traded hands during trading, a decline of 81% from the average daily volume of 797,614 shares. The stock had previously closed at $8.12.

Several other analysts have also recently commented on ADTN. StockNews.com upgraded 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 target price for the company from $6.00 to $10.00 in a report on Friday, November 8th. Finally, Needham & Company LLC upped their price target 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. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ADTRAN presently has a consensus rating of “Buy” and a consensus price target of $10.33.

Hedge Funds Weigh In On ADTRAN

Hedge funds have recently made changes to their positions in the business. Divisar Capital Management LLC raised its holdings in shares of 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 valued at $30,195,000 after buying an additional 1,146,774 shares during the period. Paradigm Capital Management Inc. NY raised its stake in shares of 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 valued at $12,872,000 after purchasing an additional 1,551,000 shares during the period. Geode Capital Management LLC lifted its position in shares of ADTRAN by 3.7% during the third 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 boosted its stake in shares of ADTRAN by 2.8% in the third 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 period. Finally, Millennium Management LLC grew 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 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.

ADTRAN Stock Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The firm has a market capitalization of $665.38 million, a price-to-earnings ratio of -1.29 and a beta of 1.29. The stock’s fifty day moving average is $7.52 and its two-hundred day moving average is $6.20.

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.