ADTRAN (NASDAQ:ADTN) Hits New 1-Year Low – Should You Sell?

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $6.92 and last traded at $6.9240, with a volume of 267212 shares changing hands. The stock had previously closed at $7.11.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wall Street Zen cut ADTRAN from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Needham & Company LLC lowered their price objective on ADTRAN from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Rosenblatt Securities dropped their target price on ADTRAN from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Northland Securities set a $15.00 target price on ADTRAN in a research note on Wednesday, August 5th. Finally, Craig Hallum set a $12.00 price target on ADTRAN in a report on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $14.67.

ADTRAN Price Performance

The stock’s fifty day moving average price is $8.06 and its 200-day moving average price is $12.14. The firm has a market cap of $580.95 million, a price-to-earnings ratio of -25.46, a P/E/G ratio of 4.25 and a beta of 1.47. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The firm had revenue of $281.15 million for the quarter, compared to analysts’ expectations of $290.19 million. The firm’s revenue was up 6.0% on a year-over-year basis. As a group, equities research analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

Several large investors have recently modified their holdings of the business. Gratia Capital LLC purchased a new position in shares of ADTRAN during the 2nd quarter worth $3,482,000. Tidal Investments LLC raised its holdings in ADTRAN by 60.0% in the 2nd quarter. Tidal Investments LLC now owns 115,014 shares of the communications equipment provider’s stock valued at $1,599,000 after buying an additional 43,114 shares during the period. Bienville Capital Management LLC acquired a new position in ADTRAN in the second quarter valued at about $1,769,000. Integrated Wealth Concepts LLC acquired a new position in ADTRAN in the second quarter valued at about $27,000. Finally, Corient Private Wealth LP purchased a new position in ADTRAN during the second quarter worth about $278,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

About ADTRAN

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a provider of networking and communications equipment, software and services for telecommunications companies, broadband providers, enterprises and government organizations. The company develops solutions that help service providers build and manage high-speed access networks, including fiber, fixed wireless and other broadband technologies.

Its portfolio includes access and aggregation platforms, optical networking systems, routers, switches, Wi-Fi equipment, cloud and network management software, and related professional and support services.