ADTRAN (NASDAQ:ADTN) Shares Up 6.2% – Time to Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price shot up 6.2% during trading on Thursday . The stock traded as high as $14.75 and last traded at $14.58. 578,660 shares traded hands during trading, a decline of 60% from the average session volume of 1,451,351 shares. The stock had previously closed at $13.73.

Wall Street Analyst Weigh In

Several research firms have commented on ADTN. Argus raised shares of ADTRAN to a “hold” rating in a research report on Wednesday, March 4th. Wall Street Zen cut shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 21st. Rosenblatt Securities upped their price target on shares of ADTRAN from $11.00 to $16.00 and gave the company a “buy” rating in a report on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of ADTRAN in a report on Thursday, February 26th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, ADTRAN presently has an average rating of “Hold” and a consensus price target of $15.33.

ADTRAN Price Performance

The company has a debt-to-equity ratio of 1.50, a current ratio of 1.76 and a quick ratio of 1.16. The stock’s fifty day simple moving average is $10.83 and its 200-day simple moving average is $9.53. The company has a market capitalization of $1.16 billion, a P/E ratio of -28.25 and a beta of 1.23.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Thursday, February 26th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. ADTRAN had a negative net margin of 4.15% and a positive return on equity of 4.23%. The company had revenue of $291.56 million during the quarter, compared to analysts’ expectations of $281.12 million. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, equities analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of ADTRAN by 2.7% in the third quarter. Vanguard Group Inc. now owns 8,383,305 shares of the communications equipment provider’s stock valued at $78,635,000 after buying an additional 217,148 shares during the period. DNB Asset Management AS lifted its stake in shares of ADTRAN by 7.6% in the fourth quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock valued at $27,145,000 after buying an additional 219,810 shares during the period. Millennium Management LLC lifted its stake in shares of 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 during the period. Royce & Associates LP lifted its stake in shares of ADTRAN by 7.7% in the fourth quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock valued at $22,568,000 after buying an additional 186,238 shares during the period. Finally, State Street Corp lifted its stake in shares of ADTRAN by 4.5% in the fourth quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after buying an additional 86,382 shares during the period. Institutional investors 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.