ADTRAN (NASDAQ:ADTN) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.47 and traded as high as $17.32. ADTRAN shares last traded at $17.27, with a volume of 3,063,911 shares.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Argus upgraded shares of ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of ADTRAN in a research report on Wednesday, May 6th. Evercore started coverage on shares of ADTRAN in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a research report on Thursday, April 2nd. Finally, Rosenblatt Securities upped their target price on shares of ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $18.00.

ADTRAN Price Performance

The company has a current ratio of 1.77, a quick ratio of 1.18 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $1.24 billion, a PE ratio of -39.36 and a beta of 1.42. The stock’s 50-day moving average is $15.49 and its two-hundred day moving average is $11.50.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The company had revenue of $286.09 million for the quarter, compared to analyst estimates of $285.48 million. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 EPS. On average, equities analysts predict that ADTRAN Holdings, Inc. will post 0.43 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Institutional investors have recently modified their holdings of the stock. Quarry LP purchased a new position in shares of ADTRAN during the third quarter worth approximately $36,000. Kestra Advisory Services LLC purchased a new position in shares of ADTRAN during the fourth quarter worth approximately $36,000. ST Germain D J Co. Inc. increased its position in shares of 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 during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of ADTRAN during the fourth quarter worth approximately $47,000. Finally, Freestone Grove Partners LP purchased a new position in shares of ADTRAN during the fourth quarter worth approximately $87,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

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.