ADTRAN (NASDAQ:ADTN) Shares Gap Up – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) gapped up before the market opened on Thursday . The stock had previously closed at $9.29, but opened at $9.83. ADTRAN shares last traded at $10.1450, with a volume of 816,916 shares.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of ADTRAN in a report on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of ADTRAN in a research report on Tuesday, November 25th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $11.00 target price on shares of ADTRAN in a report on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $13.00.

ADTRAN Price Performance

The business has a 50-day moving average of $8.48 and a 200 day moving average of $8.99. The company has a current ratio of 1.96, a quick ratio of 1.23 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $804.00 million, a P/E ratio of -9.37 and a beta of 1.35.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Tuesday, November 4th. The communications equipment provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). ADTRAN had a negative net margin of 8.44% and a negative return on equity of 4.63%. The firm had revenue of $279.44 million during the quarter, compared to analyst estimates of $274.60 million. During the same period last year, the business posted ($0.05) EPS. The company’s revenue was up 22.7% on a year-over-year basis. On average, sell-side analysts predict that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ADTRAN news, Director Nikos Theodosopoulos acquired 12,859 shares of the stock in a transaction on Wednesday, November 26th. The shares were purchased at an average price of $7.81 per share, for a total transaction of $100,428.79. Following the completion of the acquisition, the director owned 52,154 shares in the company, valued at approximately $407,322.74. This represents a 32.72% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy P. Santo acquired 6,150 shares of the company’s stock in a transaction on Friday, November 28th. The stock was acquired at an average cost of $8.02 per share, for a total transaction of $49,323.00. Following the completion of the purchase, the chief financial officer directly owned 26,594 shares of the company’s stock, valued at approximately $213,283.88. This represents a 30.08% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 59,937 shares of company stock worth $449,754. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On ADTRAN

A number of hedge funds have recently added to or reduced their stakes in ADTN. SG Americas Securities LLC increased its holdings in ADTRAN by 324.3% during the 4th quarter. SG Americas Securities LLC now owns 857,044 shares of the communications equipment provider’s stock worth $7,448,000 after purchasing an additional 655,058 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of ADTRAN by 21.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,129,047 shares of the communications equipment provider’s stock valued at $9,811,000 after buying an additional 196,367 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of ADTRAN by 78.2% during the third quarter. JPMorgan Chase & Co. now owns 813,363 shares of the communications equipment provider’s stock valued at $7,629,000 after buying an additional 356,884 shares during the last quarter. Tudor Investment Corp ET AL grew its holdings in ADTRAN by 434.2% during the third quarter. Tudor Investment Corp ET AL now owns 897,115 shares of the communications equipment provider’s stock worth $8,415,000 after buying an additional 729,194 shares in the last quarter. Finally, Worth Venture Partners LLC raised its position in ADTRAN by 296.1% in the 3rd quarter. Worth Venture Partners LLC now owns 144,431 shares of the communications equipment provider’s stock valued at $1,355,000 after buying an additional 107,964 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Company Profile

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.