ADTRAN (NASDAQ:ADTN) Hits New 52-Week High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $9.47 and last traded at $9.47, with a volume of 105222 shares trading hands. The stock had previously closed at $9.04.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADTN. Needham & Company LLC boosted their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Northland Securities boosted their target price on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $6.00 to $10.00 in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ADTRAN presently has a consensus rating of “Buy” and an average target price of $10.33.

ADTRAN Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The business’s 50 day moving average is $8.14 and its 200 day moving average is $6.53. The stock has a market capitalization of $764.51 million, a PE ratio of -1.48 and a beta of 1.28.

Hedge Funds Weigh In On ADTRAN

A number of large investors have recently made changes to their positions in ADTN. JPMorgan Chase & Co. grew its stake in ADTRAN by 12.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 124,914 shares of the communications equipment provider’s stock worth $741,000 after acquiring an additional 13,478 shares in the last quarter. Barclays PLC grew its stake in ADTRAN by 11.4% in the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after acquiring an additional 11,880 shares in the last quarter. Geode Capital Management LLC grew its stake in ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock worth $10,736,000 after acquiring an additional 63,960 shares in the last quarter. State Street Corp grew its stake in ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after acquiring an additional 48,542 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new position in ADTRAN in the 3rd quarter worth about $120,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Company Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.