ADTRAN (NASDAQ:ADTN) Stock Passes Above 200 Day Moving Average – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.00 and traded as high as $9.57. ADTRAN shares last traded at $9.39, with a volume of 1,144,460 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ADTN. Needham & Company LLC restated a “buy” rating and issued a $12.00 target price on shares of ADTRAN in a report on Tuesday, November 25th. Rosenblatt Securities reissued a “buy” rating and issued a $11.00 price objective on shares of ADTRAN in a research note on Wednesday, November 5th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.00.

ADTRAN Stock Performance

The company has a current ratio of 1.96, a quick ratio of 1.23 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $752.33 million, a PE ratio of -8.78 and a beta of 1.39. The firm’s 50-day simple moving average is $8.91 and its 200-day simple moving average is $9.00.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Tuesday, November 4th. The communications equipment provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). ADTRAN had a negative net margin of 8.44% and a negative return on equity of 4.63%. The company had revenue of $279.44 million for the quarter, compared to the consensus estimate of $274.60 million. During the same period in the prior year, the firm posted ($0.05) EPS. The business’s revenue was up 22.7% on a year-over-year basis. On average, research analysts predict that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

Insider Transactions at ADTRAN

In other news, CEO Thomas R. Stanton acquired 40,928 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was purchased at an average cost of $7.33 per share, for a total transaction of $300,002.24. Following the completion of the acquisition, the chief executive officer directly owned 982,096 shares of the company’s stock, valued at $7,198,763.68. The trade was a 4.35% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Nikos Theodosopoulos acquired 12,859 shares of the stock in a transaction that occurred on Wednesday, November 26th. The stock was acquired at an average cost of $7.81 per share, with a total value of $100,428.79. Following the completion of the purchase, the director owned 52,154 shares of the company’s stock, valued at $407,322.74. This trade represents a 32.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 59,937 shares of company stock valued at $449,754. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of the business. Cape Investment Advisory Inc. purchased a new stake in ADTRAN during the second quarter worth $27,000. Quarry LP bought a new position in shares of ADTRAN in the 3rd quarter worth $36,000. State of Alaska Department of Revenue purchased a new stake in shares of ADTRAN during the 3rd quarter worth $36,000. ST Germain D J Co. Inc. boosted its position in ADTRAN by 100.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 2,500 shares in the last quarter. Finally, New York State Teachers Retirement System purchased a new position in ADTRAN in the second quarter valued at about $65,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

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.