ADTRAN (NASDAQ:ADTN) Sets New 52-Week Low – Time to Sell?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares reached a new 52-week low during trading on Friday . The company traded as low as $7.08 and last traded at $7.1110, with a volume of 759003 shares traded. The stock had previously closed at $7.15.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. B. Riley Financial reissued a “buy” rating and issued a $21.00 price target (down from $23.00) on shares of ADTRAN in a research note on Thursday, July 23rd. Evercore set a $11.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Rosenblatt Securities dropped their price objective on ADTRAN from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Finally, Northland Securities set a $15.00 target price on ADTRAN in a report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $14.67.

ADTRAN Trading Down 0.7%

The company’s fifty day simple moving average is $9.75 and its two-hundred day simple moving average is $12.45. The company has a market capitalization of $578.52 million, a price-to-earnings ratio of -25.36, a price-to-earnings-growth ratio of 4.35 and a beta of 1.47. The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The firm had revenue of $281.15 million during the quarter, compared to the consensus estimate of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The business’s quarterly revenue was up 6.0% on a year-over-year basis. Research analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in ADTRAN during the 2nd quarter worth approximately $108,923,000. Millennium Management LLC lifted its stake in ADTRAN by 371.2% in the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after buying an additional 2,122,844 shares in the last quarter. William Blair Investment Management LLC acquired a new position in shares of ADTRAN in the second quarter valued at approximately $15,276,000. Alyeska Investment Group L.P. acquired a new position in shares of ADTRAN in the third quarter valued at approximately $10,168,000. Finally, California State Teachers Retirement System increased its position in shares of ADTRAN by 1,502.5% during the second quarter. California State Teachers Retirement System now owns 1,154,200 shares of the communications equipment provider’s stock worth $16,043,000 after acquiring an additional 1,082,177 shares in the last quarter. Institutional investors and hedge funds 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.