ADTRAN (NASDAQ:ADTN) Hits New 1-Year High – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price hit a new 52-week high on Thursday . The company traded as high as $19.98 and last traded at $19.40, with a volume of 6973219 shares. The stock had previously closed at $16.49.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ADTN shares. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. Northland Securities set a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. Wall Street Zen cut shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 17th. Finally, B. Riley Financial restated a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $18.00.

ADTRAN Stock Up 17.6%

The business’s 50 day moving average is $14.76 and its 200 day moving average is $11.07. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -49.74 and a beta of 1.45.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The firm had revenue of $286.09 million during the quarter, compared to analyst estimates of $285.48 million. During the same quarter last year, the business posted $0.03 EPS. The company’s revenue was up 15.5% on a year-over-year basis. Equities analysts expect that ADTRAN Holdings, Inc. will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in ADTRAN in the 3rd quarter worth approximately $36,000. Kestra Advisory Services LLC acquired a new position in ADTRAN in the 4th quarter worth approximately $36,000. ST Germain D J Co. Inc. boosted its stake in ADTRAN by 100.0% in the 4th quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 2,500 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in ADTRAN in the 4th quarter worth approximately $47,000. Finally, Freestone Grove Partners LP acquired a new position in ADTRAN in the 4th quarter worth approximately $87,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

About ADTRAN

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.