ADTRAN (NASDAQ:ADTN) Sets New 1-Year Low – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price hit a new 52-week low on Wednesday . The stock traded as low as $7.49 and last traded at $7.66, with a volume of 805863 shares traded. The stock had previously closed at $7.75.

Wall Street Analyst Weigh In

ADTN has been the subject of several research analyst reports. Rosenblatt Securities lowered their price target on ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC lifted their target price on ADTRAN from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Craig Hallum assumed coverage on ADTRAN in a research note on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price target on the stock. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ADTRAN has a consensus rating of “Buy” and a consensus target price of $12.50.

ADTRAN Stock Performance

The stock’s fifty day moving average is $8.64 and its two-hundred day moving average is $8.73. The firm has a market capitalization of $612.51 million, a price-to-earnings ratio of -1.18 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Institutional Trading of ADTRAN

Hedge funds have recently modified their holdings of the business. Quantinno Capital Management LP increased its stake in shares of ADTRAN by 4.3% in the fourth quarter. Quantinno Capital Management LP now owns 21,180 shares of the communications equipment provider’s stock worth $176,000 after purchasing an additional 877 shares during the period. Catalyst Funds Management Pty Ltd boosted its stake in ADTRAN by 6.0% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider’s stock worth $190,000 after purchasing an additional 1,300 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of ADTRAN by 11.4% during the fourth quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider’s stock worth $122,000 after purchasing an additional 1,501 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ADTRAN by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,821 shares of the communications equipment provider’s stock worth $373,000 after purchasing an additional 1,605 shares during the last quarter. Finally, Tudor Investment Corp ET AL boosted its holdings in ADTRAN by 0.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 278,489 shares of the communications equipment provider’s stock valued at $2,320,000 after acquiring an additional 1,670 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

About ADTRAN

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.