ADTRAN (NASDAQ:ADTN) Stock Keeps Buy Rating at B. Riley Financial

B. Riley Financial reissued their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a research report released on Wednesday,Benzinga reports. B. Riley Financial currently has a $14.00 price target on the communications equipment provider’s stock, down from their prior price target of $21.00.

ADTN has been the topic of several other reports. Weiss Ratings cut shares of ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. Northland Securities set a $15.00 target price on ADTRAN in a research report on Wednesday, August 5th. Evercore set a $11.00 target price on ADTRAN in a report on Wednesday, August 5th. Needham & Company LLC dropped their target price on ADTRAN from $14.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Rosenblatt Securities cut ADTRAN from a “buy” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $6.25 in a research report on Tuesday. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, ADTRAN presently has an average rating of “Hold” and an average target price of $11.21.

ADTRAN Stock Performance

Shares of ADTN stock opened at $4.73 on Wednesday. The company’s fifty day simple moving average is $6.98 and its 200-day simple moving average is $10.98. The company has a quick ratio of 1.19, a current ratio of 1.89 and a debt-to-equity ratio of 2.32. The firm has a market cap of $385.40 million, a PE ratio of -18.19, a P/E/G ratio of 3.10 and a beta of 1.53. ADTRAN has a 12 month low of $4.58 and a 12 month high of $19.98.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05. The business had revenue of $281.17 million during the quarter, compared to analysts’ expectations of $285.15 million. ADTRAN had a negative net margin of 2.20% and a positive return on equity of 17.76%. The firm’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 earnings per share. Equities research analysts expect that ADTRAN will post 0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

A number of institutional investors have recently bought and sold shares of ADTN. BlackRock Inc. bought a new stake in shares of ADTRAN in the second quarter valued at about $108,923,000. Dimensional Fund Advisors LP grew its stake in shares of ADTRAN by 50.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,337,028 shares of the communications equipment provider’s stock valued at $16,817,000 after acquiring an additional 448,848 shares in the last quarter. CenterBook Partners LP bought a new position in ADTRAN during the third quarter worth about $8,022,000. Sei Investments Co. increased its position in ADTRAN by 162.0% during the first quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider’s stock worth $13,902,000 after acquiring an additional 683,262 shares during the period. Finally, William Blair Investment Management LLC bought a new position in ADTRAN during the second quarter worth about $15,276,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

Key Headlines Impacting ADTRAN

Here are the key news stories impacting ADTRAN this week:

• Positive Sentiment: Third-quarter adjusted earnings were $0.09 per share, beating the $0.03 consensus estimate. Hyperscaler customer revenue reportedly grew more than 200% year over year, a potential growth driver. Article: Adtran: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Longer-term, replacement of European network equipment represents an estimated $10 billion market opportunity for the company. Article: Adtran: 3 Key Takeaways for Long-Term Investors
• Negative Sentiment: Third-quarter revenue of $281.2 million fell short of analysts’ $285.7 million estimate and increased only 0.6% year over year. Fourth-quarter revenue guidance of $272 million–$292 million also came in below the $292.7 million consensus, renewing concerns about near-term growth. Article: Analysts Lower Their Forecasts on Adtran Following Q3 Results
• Negative Sentiment: Rosenblatt cut its rating from Buy to Neutral and lowered its target to $6.25 from $15. Needham and B. Riley also reduced their price targets, although both maintained Buy ratings. The forecast revisions may weigh on investor confidence despite the earnings beat. Article: Rosenblatt Downgrades ADTRAN to Neutral

ADTRAN Company Profile

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.