ADTRAN (NASDAQ:ADTN) Trading Up 7.3% – Should You Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares traded up 7.3% during mid-day trading on Wednesday . The stock traded as high as $10.38 and last traded at $10.34. 257,774 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 865,537 shares. The stock had previously closed at $9.64.

Analyst Ratings Changes

ADTN has been the topic of several research analyst reports. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and raised their target price for the stock from $6.00 to $10.00 in a report on Friday, November 8th. Northland Securities raised their price objective on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Craig Hallum started coverage on shares of ADTRAN in a research note on Wednesday. They issued a “buy” rating and a $15.00 target price for the company. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Needham & Company LLC boosted their price target on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $11.50.

ADTRAN Stock Up 7.1 %

The firm’s 50 day simple moving average is $8.14 and its 200-day simple moving average is $6.53. 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 stock has a market capitalization of $818.44 million, a price-to-earnings ratio of -1.59 and a beta of 1.28.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its holdings in ADTRAN by 798.7% during the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 4,177 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of ADTRAN in the 3rd quarter valued at about $65,000. Point72 DIFC Ltd acquired a new stake in ADTRAN in the 2nd quarter valued at about $69,000. Intech Investment Management LLC bought a new position in ADTRAN during the third quarter worth about $92,000. Finally, Harbor Capital Advisors Inc. increased its position in ADTRAN by 94.8% during the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock worth $112,000 after buying an additional 9,202 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.