ADTRAN Holdings, Inc. (NASDAQ:ADTN) Sees Significant Increase in Short Interest

ADTRAN Holdings, Inc. (NASDAQ:ADTN) was the target of a significant increase in short interest in December. As of December 31st, there was short interest totalling 1,630,000 shares, an increase of 40.5% from the December 15th total of 1,160,000 shares. Based on an average trading volume of 666,300 shares, the days-to-cover ratio is presently 2.4 days.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of ADTRAN by 3.7% during 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 buying an additional 63,960 shares during the last quarter. Renaissance Technologies LLC grew its position in ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock worth $3,579,000 after acquiring an additional 142,100 shares during the period. Paradigm Capital Management Inc. NY increased its stake in 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 worth $12,872,000 after acquiring an additional 1,551,000 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in ADTRAN in the second quarter valued at $681,000. Finally, State Street Corp lifted its stake in shares of ADTRAN by 2.8% in 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. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Trading Up 1.9 %

Shares of ADTN stock opened at $10.13 on Thursday. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN has a twelve month low of $4.34 and a twelve month high of $10.71. The company’s 50-day moving average price is $8.54 and its 200-day moving average price is $6.71. The stock has a market cap of $803.37 million, a price-to-earnings ratio of -1.56 and a beta of 1.28.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Needham & Company LLC upped their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Northland Securities increased their target price on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. Finally, Craig Hallum started coverage on shares of ADTRAN in a report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price objective for the company. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $11.50.

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.