ADTRAN (NASDAQ:ADTN) Shares Up 8.4% – Should You Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price rose 8.4% on Wednesday . The company traded as high as $17.75 and last traded at $17.88. Approximately 951,509 shares changed 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.

Analyst Ratings Changes

ADTN has been the topic of a number of recent analyst reports. B. Riley Financial restated a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Wall Street Zen lowered shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of ADTRAN in a research report on Wednesday, May 6th. Northland Securities set a $18.00 price objective on shares of ADTRAN in a research report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research report on Thursday, April 2nd. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ADTRAN has a consensus rating of “Hold” and an average price target of $18.00.

ADTRAN Stock Up 17.6%

The stock has a market capitalization of $1.57 billion, a PE ratio of -49.81 and a beta of 1.45. The company has a current ratio of 1.77, a quick ratio of 1.18 and a debt-to-equity ratio of 1.59. The company’s 50-day moving average is $14.58 and its 200 day moving average is $10.99.

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

Hedge Funds Weigh In On ADTRAN

A number of institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. raised its position in ADTRAN by 1.6% during the 4th quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider’s stock worth $693,000 after buying an additional 1,263 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 worth $408,000 after buying an additional 1,946 shares during the last quarter. Occudo Quantitative Strategies LP raised its position in ADTRAN by 3.2% during the 3rd quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider’s stock worth $616,000 after buying an additional 2,016 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in ADTRAN by 1.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider’s stock worth $1,632,000 after buying an additional 2,068 shares during the last quarter. Finally, ST Germain D J Co. Inc. raised its position in 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 buying an additional 2,500 shares during the last quarter. 80.56% of the stock is owned by hedge funds and other 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.