ADTRAN (NASDAQ:ADTN) Trading Up 5.5% – Time to Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price was up 5.5% during mid-day trading on Monday . The stock traded as high as $8.23 and last traded at $8.33. Approximately 276,378 shares were traded during trading, a decline of 67% from the average daily volume of 833,107 shares. The stock had previously closed at $7.89.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Needham & Company LLC reduced their target price on ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, May 9th. Rosenblatt Securities decreased their price objective on ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Finally, Wall Street Zen raised ADTRAN from a “hold” rating to a “buy” rating in a research note on Saturday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $12.00.

ADTRAN Stock Performance

The company has a current ratio of 2.02, a quick ratio of 1.18 and a debt-to-equity ratio of 1.37. The firm has a 50-day simple moving average of $7.89 and a two-hundred day simple moving average of $8.93. The company has a market capitalization of $665.83 million, a price-to-earnings ratio of -4.90 and a beta of 1.30.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.05. ADTRAN had a negative return on equity of 20.07% and a negative net margin of 14.58%. During the same period in the prior year, the company earned $0.02 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, sell-side analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

A number of institutional investors have recently made changes to their positions in the business. Kovack Advisors Inc. grew its stake in shares of ADTRAN by 2.7% in the 4th quarter. Kovack Advisors Inc. now owns 799,950 shares of the communications equipment provider’s stock valued at $6,664,000 after purchasing an additional 21,100 shares during the period. Proficio Capital Partners LLC bought a new stake in ADTRAN in the fourth quarter valued at $300,000. Victory Capital Management Inc. acquired a new position in ADTRAN during the fourth quarter worth $1,012,000. Raymond James Financial Inc. bought a new position in shares of ADTRAN during the fourth quarter valued at $2,146,000. Finally, Inceptionr LLC acquired a new stake in shares of ADTRAN in the 4th quarter valued at $162,000. 80.56% of the stock is currently owned by 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.