ADTRAN (NASDAQ:ADTN) Hits New 52-Week High – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares reached a new 52-week high on Tuesday . The stock traded as high as $12.37 and last traded at $12.2810, with a volume of 250856 shares traded. The stock had previously closed at $12.07.

Wall Street Analyst Weigh In

ADTN has been the topic of a number of recent analyst reports. Argus raised shares of ADTRAN to a “hold” rating in a research report on Wednesday, March 4th. Wall Street Zen cut shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Rosenblatt Securities lifted their target price on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of ADTRAN in a report on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ADTRAN currently has a consensus rating of “Hold” and a consensus price target of $15.33.

ADTRAN Stock Performance

The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -24.38 and a beta of 1.37. The stock’s fifty day moving average is $9.99 and its two-hundred day moving average is $9.28. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Wednesday, February 25th. The communications equipment provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. ADTRAN had a negative net margin of 4.15% and a positive return on equity of 4.23%. The firm had revenue of $291.56 million during the quarter, compared to analysts’ expectations of $281.12 million. The company’s quarterly revenue was up 20.0% on a year-over-year basis. On average, analysts predict that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently bought and sold shares of ADTN. Cape Investment Advisory Inc. acquired a new position in ADTRAN during the second quarter worth approximately $27,000. State of Alaska Department of Revenue acquired a new stake in shares of ADTRAN in the third quarter valued at approximately $36,000. Quarry LP bought a new position in shares of ADTRAN during the 3rd quarter worth approximately $36,000. Kestra Advisory Services LLC bought a new position in shares of ADTRAN during the 4th quarter worth approximately $36,000. Finally, ST Germain D J Co. Inc. increased its holdings in shares of ADTRAN by 100.0% during the 4th quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after acquiring an additional 2,500 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

About ADTRAN

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.