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

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price hit a new 52-week low on Wednesday . The company traded as low as $7.00 and last traded at $7.08, with a volume of 1860571 shares traded. The stock had previously closed at $7.04.

Analyst Ratings Changes

Several research firms have recently issued reports on ADTN. Zacks Research lowered shares of ADTRAN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Weiss Ratings cut ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Rosenblatt Securities reduced their price target on ADTRAN from $20.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Needham & Company LLC lowered their price target on ADTRAN from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Finally, B. Riley Financial reissued a “buy” rating and issued a $21.00 price objective (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, ADTRAN has an average rating of “Hold” and an average target price of $14.67.

ADTRAN Price Performance

The company has a quick ratio of 1.19, a current ratio of 1.79 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $578.51 million, a price-to-earnings ratio of -25.36, a PEG ratio of 4.34 and a beta of 1.47. The stock’s 50-day simple moving average is $8.67 and its two-hundred day simple moving average is $12.27.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to analyst estimates of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities research analysts predict that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Institutional Investors Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of ADTN. BlackRock Inc. acquired a new position in ADTRAN in the 2nd quarter valued at $108,923,000. William Blair Investment Management LLC acquired a new stake in ADTRAN during the 2nd quarter worth $15,276,000. Bank of America Corp DE acquired a new stake in ADTRAN during the 2nd quarter worth $11,751,000. Heartland Advisors Inc. acquired a new stake in ADTRAN during the 2nd quarter worth $10,425,000. Finally, Sei Investments Co. grew its holdings in shares of ADTRAN by 162.0% during the first quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider’s stock worth $13,902,000 after buying an additional 683,262 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Company Profile

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a provider of networking and communications equipment, software and services for telecommunications companies, broadband providers, enterprises and government organizations. The company develops solutions that help service providers build and manage high-speed access networks, including fiber, fixed wireless and other broadband technologies.

Its portfolio includes access and aggregation platforms, optical networking systems, routers, switches, Wi-Fi equipment, cloud and network management software, and related professional and support services.