ADTRAN’s (ADTN) Buy Rating Reiterated at B. Riley Financial

B. Riley Financial reaffirmed their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a report issued on Wednesday morning,Benzinga reports. They currently have a $14.00 price objective on the communications equipment provider’s stock, down from their previous price objective of $21.00.

Other equities research analysts have also issued research reports about the company. Craig Hallum set a $12.00 price target on ADTRAN in a research report on Wednesday, August 5th. Zacks Research raised ADTRAN from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Northland Securities set a $15.00 target price on shares of ADTRAN in a research note on Wednesday, August 5th. Wall Street Zen cut shares of ADTRAN from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Evercore set a $11.00 price target on shares of ADTRAN in a research note on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $11.21.

ADTRAN Stock Down 2.2%

Shares of NASDAQ ADTN traded down $0.09 during mid-day trading on Wednesday, hitting $4.04. The company had a trading volume of 3,152,253 shares, compared to its average volume of 1,488,837. The company has a market capitalization of $329.18 million, a PE ratio of -15.54, a price-to-earnings-growth ratio of 3.84 and a beta of 1.53. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19. ADTRAN has a 1-year low of $3.92 and a 1-year high of $19.98. The business’s 50-day simple moving average is $6.83 and its 200 day simple moving average is $10.93.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%. The firm had revenue of $281.17 million during the quarter, compared to analyst estimates of $285.15 million. During the same period last year, the business posted $0.05 earnings per share. ADTRAN’s revenue was up .6% compared to the same quarter last year. On average, analysts predict that ADTRAN will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Several hedge funds have recently added to or reduced their stakes in the stock. Aberdeen Group plc purchased a new stake in shares of ADTRAN during the 3rd quarter worth approximately $916,000. Russell Investments Group Ltd. raised its stake in ADTRAN by 244.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 269,220 shares of the communications equipment provider’s stock worth $1,840,000 after acquiring an additional 190,991 shares in the last quarter. DBA Trading LLC acquired a new stake in ADTRAN during the 3rd quarter worth $239,000. StoneX Group Inc. purchased a new stake in ADTRAN in the third quarter valued at $135,000. Finally, CenterBook Partners LP purchased a new stake in ADTRAN in the third quarter valued at $8,022,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

About ADTRAN

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.