ADTRAN (NASDAQ:ADTN) Shares Up 6.2% – Time to Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price shot up 6.2% during mid-day trading on Thursday . The stock traded as high as $14.75 and last traded at $14.58. 578,660 shares were traded during trading, a decline of 60% from the average session volume of 1,451,351 shares. The stock had previously closed at $13.73.

Analysts Set New Price Targets

Several brokerages have issued reports on ADTN. Wall Street Zen downgraded shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of ADTRAN in a research note on Thursday, April 2nd. Argus raised shares of ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. Rosenblatt Securities upped their price target on shares of ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of ADTRAN in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.33.

ADTRAN Price Performance

The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -28.25 and a beta of 1.23. The stock’s 50 day moving average price is $10.83 and its two-hundred day moving average price is $9.53.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Thursday, February 26th. The communications equipment provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. ADTRAN had a negative net margin of 4.15% and a positive return on equity of 4.23%. The business had revenue of $291.56 million for the quarter, compared to the consensus estimate of $281.12 million. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. Analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

Several hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC increased its position in ADTRAN by 29.8% during the fourth quarter. Hsbc Holdings PLC now owns 78,464 shares of the communications equipment provider’s stock worth $686,000 after buying an additional 18,004 shares during the last quarter. Mackenzie Financial Corp increased its position in ADTRAN by 33.9% during the fourth quarter. Mackenzie Financial Corp now owns 361,607 shares of the communications equipment provider’s stock worth $3,194,000 after buying an additional 91,457 shares during the last quarter. XTX Topco Ltd increased its position in ADTRAN by 11.8% during the fourth quarter. XTX Topco Ltd now owns 66,690 shares of the communications equipment provider’s stock worth $580,000 after buying an additional 7,033 shares during the last quarter. Voloridge Investment Management LLC increased its position in ADTRAN by 685.0% during the fourth quarter. Voloridge Investment Management LLC now owns 146,148 shares of the communications equipment provider’s stock worth $1,270,000 after buying an additional 127,530 shares during the last quarter. Finally, Tudor Investment Corp ET AL increased its position in ADTRAN by 5.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 947,508 shares of the communications equipment provider’s stock worth $8,234,000 after buying an additional 50,393 shares during the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Company Profile

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.