ADTRAN (NASDAQ:ADTN) Sees Unusually-High Trading Volume – Time to Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares saw unusually-strong trading volume on Tuesday . Approximately 2,802,813 shares changed hands during mid-day trading, an increase of 113% from the previous session’s volume of 1,317,561 shares.The stock last traded at $8.7850 and had previously closed at $8.68.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price objective on shares of ADTRAN in a research note on Tuesday, November 25th. Rosenblatt Securities restated a “buy” rating and issued a $11.00 target price on shares of ADTRAN in a report on Wednesday, November 5th. B. Riley assumed coverage on shares of ADTRAN in a report on Thursday, September 18th. They issued a “buy” rating and a $16.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of ADTRAN in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $13.50.

ADTRAN Stock Up 1.6%

The firm has a market capitalization of $706.26 million, a PE ratio of -8.22 and a beta of 1.39. The company has a quick ratio of 1.23, a current ratio of 1.96 and a debt-to-equity ratio of 1.54. The firm’s 50 day moving average price is $8.56 and its two-hundred day moving average price is $8.94.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Friday, March 15th. The communications equipment provider reported $0.89 earnings per share (EPS) for the quarter. The business had revenue of $358.27 million for the quarter. ADTRAN had a negative return on equity of 4.63% and a negative net margin of 8.44%. As a group, research analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity

In related news, CFO Timothy P. Santo purchased 6,150 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were purchased at an average cost of $8.02 per share, with a total value of $49,323.00. Following the completion of the acquisition, the chief financial officer directly owned 26,594 shares of the company’s stock, valued at approximately $213,283.88. The trade was a 30.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Nikos Theodosopoulos acquired 12,859 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were bought at an average cost of $7.81 per share, with a total value of $100,428.79. Following the completion of the acquisition, the director owned 52,154 shares in the company, valued at $407,322.74. This represents a 32.72% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders acquired 59,937 shares of company stock worth $449,754. 1.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ADTRAN

Large investors have recently modified their holdings of the stock. Cape Investment Advisory Inc. bought a new stake in ADTRAN in the second quarter valued at about $27,000. State of Alaska Department of Revenue bought a new stake in shares of ADTRAN in the 3rd quarter valued at approximately $36,000. Quarry LP acquired a new stake in shares of ADTRAN during the 3rd quarter valued at approximately $36,000. New York State Teachers Retirement System acquired a new position in ADTRAN in the second quarter worth $65,000. Finally, Park Avenue Securities LLC acquired a new stake in shares of ADTRAN during the second quarter worth $91,000. Institutional investors 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.