ADTRAN (NASDAQ:ADTN) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.00 and traded as high as $9.57. ADTRAN shares last traded at $9.39, with a volume of 1,144,460 shares traded.

Analyst Ratings Changes

Several research firms recently issued reports on ADTN. Rosenblatt Securities reiterated a “buy” rating and issued a $11.00 price objective on shares of ADTRAN in a report on Wednesday, November 5th. Needham & Company LLC reiterated a “buy” rating and set a $12.00 price target on shares of ADTRAN in a research report on Tuesday, November 25th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.00.

ADTRAN Stock Performance

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 stock’s fifty day simple moving average is $8.95 and its 200 day simple moving average is $9.00. The company has a market cap of $789.98 million, a price-to-earnings ratio of -9.21 and a beta of 1.39.

Insiders Place Their Bets

In related news, Director Nikos Theodosopoulos purchased 12,859 shares of ADTRAN stock in a transaction dated Wednesday, November 26th. The shares were acquired at an average price of $7.81 per share, for a total transaction of $100,428.79. Following the acquisition, the director directly owned 52,154 shares in the company, valued at approximately $407,322.74. The trade was a 32.72% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy P. Santo purchased 6,150 shares of the stock in a transaction dated Friday, November 28th. The shares were purchased at an average cost of $8.02 per share, for a total transaction of $49,323.00. Following the transaction, the chief financial officer owned 26,594 shares in the company, valued at approximately $213,283.88. The trade was a 30.08% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 59,937 shares of company stock valued at $449,754. Insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC increased its holdings in shares of ADTRAN by 253.7% during the 1st quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock worth $3,039,000 after buying an additional 249,954 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock worth $408,000 after acquiring an additional 1,946 shares during the period. Inspire Investing LLC increased its stake in ADTRAN by 9.8% during the second quarter. Inspire Investing LLC now owns 43,766 shares of the communications equipment provider’s stock worth $393,000 after acquiring an additional 3,921 shares during the last quarter. RFG Advisory LLC purchased a new stake in ADTRAN in the second quarter valued at $260,000. Finally, New York State Teachers Retirement System acquired a new position in shares of ADTRAN in the 2nd quarter valued at $65,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.