ADTRAN (NASDAQ:ADTN) Trading Up 7.3% – Here’s What Happened

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) were up 7.3% during mid-day trading on Wednesday . The stock traded as high as $10.38 and last traded at $10.34. Approximately 257,774 shares traded hands during mid-day 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 equities analysts recently commented on the company. Craig Hallum assumed coverage on ADTRAN in a research note on Wednesday. They issued a “buy” rating and a $15.00 price objective on the stock. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and upped their price objective for the company from $6.00 to $10.00 in a research note on Friday, November 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. 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. Finally, Northland Securities increased their target price on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ADTRAN currently has an average rating of “Buy” and a consensus target price of $11.50.

ADTRAN Trading Down 3.1 %

The stock has a market cap of $806.54 million, a P/E ratio of -1.56 and a beta of 1.28. The firm’s fifty day moving average price is $8.31 and its two-hundred day moving average price is $6.58. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of ADTRAN by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock worth $376,000 after purchasing an additional 2,396 shares during the period. Inspire Investing LLC increased its stake in ADTRAN by 5.1% in the third quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock valued at $413,000 after acquiring an additional 3,387 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in ADTRAN by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock valued at $1,472,000 after acquiring an additional 3,638 shares during the last quarter. Blue Trust Inc. increased its stake in ADTRAN by 798.7% in the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after acquiring an additional 4,177 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in ADTRAN by 94.8% in the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after acquiring an additional 9,202 shares during the last quarter. 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.