ADTRAN (NASDAQ:ADTN) Hits New 52-Week High – Time to Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $8.37 and last traded at $8.37, with a volume of 34188 shares traded. The stock had previously closed at $8.16.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Needham & Company LLC lifted their price objective on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, November 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $6.00 to $10.00 in a 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $9.50.

ADTRAN Price Performance

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 stock has a market capitalization of $683.65 million, a P/E ratio of -1.32 and a beta of 1.20. The stock’s fifty day moving average is $6.48 and its 200-day moving average is $5.79.

Institutional Investors Weigh In On ADTRAN

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADTN. Renaissance Technologies LLC raised its position in shares of ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock valued at $3,579,000 after purchasing an additional 142,100 shares during the period. Paradigm Capital Management Inc. NY grew its stake in 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 valued at $12,872,000 after buying an additional 1,551,000 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in ADTRAN in the 2nd quarter worth $681,000. Divisar Capital Management LLC raised its holdings in ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after acquiring an additional 1,146,774 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in ADTRAN by 12.5% during the 1st quarter. Russell Investments Group Ltd. now owns 196,990 shares of the communications equipment provider’s stock worth $1,072,000 after acquiring an additional 21,893 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.