ADTRAN Holdings, Inc. (NASDAQ:ADTN) Sees Large Decline in Short Interest

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 6,490,309 shares, a drop of 15.0% from the January 15th total of 7,638,464 shares. Approximately 8.2% of the shares of the company are sold short. Based on an average daily trading volume, of 1,275,803 shares, the days-to-cover ratio is presently 5.1 days. Based on an average daily trading volume, of 1,275,803 shares, the days-to-cover ratio is presently 5.1 days. Approximately 8.2% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of analysts have commented on ADTN shares. Rosenblatt Securities restated a “buy” rating and issued a $11.00 price target on shares of ADTRAN in a research report on Wednesday, November 5th. Needham & Company LLC reiterated a “buy” rating and set a $12.00 price objective on shares of ADTRAN in a research note on Tuesday, November 25th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.00.

Insider Activity at ADTRAN

In related news, Director Nikos Theodosopoulos acquired 12,859 shares of ADTRAN stock in a transaction dated Wednesday, November 26th. The stock was purchased at an average cost of $7.81 per share, for a total transaction of $100,428.79. Following the purchase, the director directly owned 52,154 shares of the company’s stock, valued at approximately $407,322.74. This trade represents a 32.72% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Thomas R. Stanton bought 40,928 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was bought at an average cost of $7.33 per share, for a total transaction of $300,002.24. Following the completion of the acquisition, the chief executive officer owned 982,096 shares in the company, valued at $7,198,763.68. This trade represents a 4.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 59,937 shares of company stock worth $449,754. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors have recently added to or reduced their stakes in ADTN. AQR Capital Management LLC raised its position in shares of ADTRAN by 253.7% during the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock valued at $3,039,000 after buying an additional 249,954 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in ADTRAN by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after acquiring an additional 1,946 shares in the last quarter. RFG Advisory LLC bought a new stake in ADTRAN in the 2nd quarter valued at $260,000. New York State Teachers Retirement System purchased a new stake in ADTRAN in the 2nd quarter worth $65,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in ADTRAN in the 2nd quarter worth $2,579,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Price Performance

Shares of ADTRAN stock opened at $10.13 on Tuesday. The company has a market capitalization of $811.62 million, a price-to-earnings ratio of -9.47 and a beta of 1.39. The company has a quick ratio of 1.23, a current ratio of 1.96 and a debt-to-equity ratio of 1.54. The stock’s 50-day simple moving average is $9.18 and its 200-day simple moving average is $9.03. ADTRAN has a 52 week low of $6.93 and a 52 week high of $12.44.

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.