ADTRAN (NASDAQ:ADTN) Shares Down 5.8% – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price traded down 5.8% on Tuesday . The stock traded as low as $15.06 and last traded at $15.0950. 410,926 shares traded hands during trading, a decline of 80% from the average session volume of 2,007,001 shares. The stock had previously closed at $16.02.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ADTN shares. Argus upgraded shares of ADTRAN to a “hold” rating in a report on Wednesday, March 4th. Wall Street Zen cut shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 17th. Rosenblatt Securities boosted their target price on shares of ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. B. Riley Financial reaffirmed a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Finally, Northland Securities set a $18.00 target price on shares of ADTRAN in a research report on Wednesday, May 6th. Four 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’s stock. Based on data from MarketBeat.com, ADTRAN has an average rating of “Hold” and a consensus target price of $18.00.

ADTRAN Stock Up 4.8%

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 company has a 50-day moving average price of $15.64 and a 200 day moving average price of $11.69. The firm has a market capitalization of $1.21 billion, a PE ratio of -38.33 and a beta of 1.42.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating 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 company had revenue of $286.09 million for the quarter, compared to the consensus estimate of $285.48 million. During the same period in the previous year, the firm posted $0.03 EPS. ADTRAN’s revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts forecast that ADTRAN Holdings, Inc. will post 0.43 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 bought a new stake in ADTRAN in the 3rd quarter worth approximately $36,000. Kestra Advisory Services LLC bought a new position in shares of ADTRAN during the 4th quarter valued at approximately $36,000. ST Germain D J Co. Inc. boosted its position in shares of ADTRAN by 100.0% during the 4th quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 2,500 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of ADTRAN in the fourth quarter valued at $47,000. Finally, Freestone Grove Partners LP bought a new stake in ADTRAN in the fourth quarter worth $87,000. 80.56% of the stock is owned by institutional investors.

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.