ADTRAN (NASDAQ:ADTN) Stock Price Up 8.4% – Still a Buy?

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) rose 8.4% during trading on Wednesday . The company traded as high as $17.75 and last traded at $17.88. Approximately 951,509 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 1,861,417 shares. The stock had previously closed at $16.49.

Analysts Set New Price Targets

ADTN has been the subject of a number of analyst reports. Wall Street Zen downgraded ADTRAN from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 17th. Argus raised ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research note on Thursday, April 2nd. Northland Securities set a $18.00 price target on ADTRAN in a research note on Wednesday, May 6th. Finally, B. Riley Financial reissued a “buy” rating on shares of ADTRAN in a research note on Friday, May 1st. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ADTRAN currently has a consensus rating of “Hold” and a consensus price target of $18.00.

ADTRAN Price Performance

The company has a 50 day moving average price of $14.88 and a 200-day moving average price of $11.13. The company has a quick ratio of 1.18, a current ratio of 1.77 and a debt-to-equity ratio of 1.59. The company has a market cap of $1.36 billion, a price-to-earnings ratio of -43.03 and a beta of 1.45.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.05. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The company had revenue of $286.09 million during the quarter, compared to the consensus estimate of $285.48 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm’s revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that ADTRAN Holdings, Inc. will post 0.39 EPS for the current fiscal year.

Institutional Trading of ADTRAN

Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its holdings in shares of ADTRAN by 78.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 813,363 shares of the communications equipment provider’s stock worth $7,629,000 after buying an additional 356,884 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its holdings in shares of ADTRAN by 106.7% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 116,368 shares of the communications equipment provider’s stock worth $1,092,000 after buying an additional 60,070 shares in the last quarter. Granahan Investment Management LLC boosted its holdings in shares of ADTRAN by 190.8% during the 3rd quarter. Granahan Investment Management LLC now owns 582,490 shares of the communications equipment provider’s stock worth $5,464,000 after buying an additional 382,170 shares in the last quarter. Tudor Investment Corp ET AL boosted its holdings in shares of ADTRAN by 434.2% during the 3rd 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, Quantbot Technologies LP boosted its holdings in shares of ADTRAN by 520.7% during the 3rd quarter. Quantbot Technologies LP now owns 126,490 shares of the communications equipment provider’s stock worth $1,186,000 after buying an additional 106,110 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

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.