ADTRAN (NASDAQ:ADTN) Shares Gap Up – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) gapped up prior to trading on Monday . The stock had previously closed at $14.94, but opened at $15.91. ADTRAN shares last traded at $15.80, with a volume of 480,268 shares trading hands.

Wall Street Analysts Forecast Growth

ADTN has been the topic of several analyst reports. B. Riley Financial reissued a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Evercore began coverage on shares of ADTRAN in a report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 price objective for the company. Argus raised shares of ADTRAN to a “hold” rating in a report on Wednesday, March 4th. Northland Securities set a $18.00 price target on shares of ADTRAN in a research report on Wednesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of ADTRAN in a research note on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, ADTRAN has a consensus rating of “Hold” and a consensus price target of $18.00.

ADTRAN Trading Down 4.1%

The company has a debt-to-equity ratio of 1.59, a current ratio of 1.77 and a quick ratio of 1.18. The business’s 50 day simple moving average is $13.52 and its 200 day simple moving average is $10.60. The stock has a market cap of $1.22 billion, a P/E ratio of -38.56 and a beta of 1.45.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue acquired a new position in ADTRAN during the third quarter worth $36,000. Quarry LP acquired a new position in ADTRAN during the third quarter worth $36,000. Kestra Advisory Services LLC acquired a new position in ADTRAN during the fourth quarter worth $36,000. ST Germain D J Co. Inc. raised its stake in ADTRAN by 100.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in ADTRAN during the fourth quarter worth $47,000. 80.56% of the stock is currently 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.