ADTRAN (NASDAQ:ADTN) Stock Price Up 8.8% – Here’s Why

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) were up 8.8% during mid-day trading on Monday . The stock traded as high as $16.74 and last traded at $16.7040. Approximately 665,968 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 2,000,666 shares. The stock had previously closed at $15.35.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADTN shares. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Evercore started coverage on shares of ADTRAN in a report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. Wall Street Zen cut shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 17th. Finally, Rosenblatt Securities lifted their price target on shares of ADTRAN from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.00.

ADTRAN Stock Up 6.6%

The stock has a market capitalization of $1.33 billion, a P/E ratio of -42.01 and a beta of 1.42. The company’s 50-day moving average price is $15.49 and its 200 day moving average price is $11.53. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77.

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

Institutional Trading of ADTRAN

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new stake in ADTRAN in the 3rd quarter valued at $36,000. Kestra Advisory Services LLC bought a new stake in ADTRAN in the 4th quarter valued at $36,000. ST Germain D J Co. Inc. increased its holdings in ADTRAN by 100.0% in 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 bought a new stake in ADTRAN in the 4th quarter valued at $47,000. Finally, Freestone Grove Partners LP bought a new stake in ADTRAN in the 4th quarter valued at $87,000. 80.56% of the stock is currently owned by 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.