ADTRAN (NASDAQ:ADTN) Hits New 12-Month High – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $12.44 and last traded at $10.78, with a volume of 605931 shares traded. The stock had previously closed at $10.61.

Analyst Ratings Changes

A number of equities analysts have recently commented on ADTN shares. Northland Securities raised their price objective on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Craig Hallum assumed coverage on shares of ADTRAN in a report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $15.00 price objective on shares of ADTRAN in a research note on Friday. Finally, Needham & Company LLC increased their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.50.

ADTRAN Price Performance

The stock has a market capitalization of $838.26 million, a price-to-earnings ratio of -1.62 and a beta of 1.29. The firm has a 50-day moving average of $10.17 and a 200 day moving average of $7.84. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89.

Hedge Funds Weigh In On ADTRAN

A number of institutional investors have recently added to or reduced their stakes in the company. Quantinno Capital Management LP increased its position in shares of ADTRAN by 4.3% during the fourth quarter. Quantinno Capital Management LP now owns 21,180 shares of the communications equipment provider’s stock worth $176,000 after acquiring an additional 877 shares during the last quarter. Catalyst Funds Management Pty Ltd raised its position in shares of ADTRAN by 6.0% in the 4th quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider’s stock valued at $190,000 after purchasing an additional 1,300 shares in the last quarter. Hsbc Holdings PLC boosted its stake in shares of ADTRAN by 11.4% during the 4th quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider’s stock valued at $122,000 after buying an additional 1,501 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of ADTRAN by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,821 shares of the communications equipment provider’s stock valued at $373,000 after buying an additional 1,605 shares during the last quarter. Finally, Tudor Investment Corp ET AL grew its position in shares of ADTRAN by 0.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 278,489 shares of the communications equipment provider’s stock worth $2,320,000 after buying an additional 1,670 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

About ADTRAN

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.