ADTRAN (NASDAQ:ADTN) Hits New 1-Year High – Here’s Why

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $19.98 and last traded at $19.40, with a volume of 6973219 shares. The stock had previously closed at $16.49.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Evercore assumed coverage on shares of ADTRAN in a research note on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price for the company. B. Riley Financial reissued a “buy” rating on shares of ADTRAN in a research note on Friday, May 1st. Wall Street Zen lowered shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 17th. Rosenblatt Securities lifted their target price on shares of ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Argus raised shares of ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.00.

ADTRAN Stock Up 17.6%

The business’s 50 day simple moving average is $14.76 and its 200-day simple moving average is $11.07. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -49.74 and a beta of 1.45. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $286.09 million for the quarter, compared to the consensus estimate of $285.48 million. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. ADTRAN’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. Sell-side analysts expect that ADTRAN Holdings, Inc. will post 0.39 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ADTN. AQR Capital Management LLC raised 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 valued at $3,039,000 after purchasing an additional 249,954 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of ADTRAN by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after purchasing an additional 1,946 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of ADTRAN by 13.9% during the 2nd quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider’s stock valued at $1,018,000 after purchasing an additional 13,821 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of ADTRAN by 11.2% during the 2nd quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider’s stock valued at $2,009,000 after purchasing an additional 22,524 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of ADTRAN by 17.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider’s stock valued at $793,000 after purchasing an additional 13,222 shares in the last quarter. Institutional investors 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.