Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Expands By 40.5%

ADTRAN Holdings, Inc. (NASDAQ:ADTNGet Free Report) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,630,000 shares, a growth of 40.5% from the December 15th total of 1,160,000 shares. Based on an average daily volume of 666,300 shares, the days-to-cover ratio is presently 2.4 days.

ADTRAN Trading Down 0.7 %

ADTN opened at $9.94 on Wednesday. The stock has a 50-day moving average of $8.47 and a 200 day moving average of $6.68. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN has a 12 month low of $4.34 and a 12 month high of $10.71. The firm has a market cap of $788.30 million, a P/E ratio of -1.53 and a beta of 1.28.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently modified their holdings of the stock. Divisar Capital Management LLC lifted its position in ADTRAN by 25.0% in the second quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after buying an additional 1,146,774 shares during the last quarter. Paradigm Capital Management Inc. NY raised its stake in shares of ADTRAN by 173.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after acquiring an additional 1,551,000 shares during the period. Geode Capital Management LLC lifted its holdings in shares of ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock worth $10,736,000 after acquiring an additional 63,960 shares during the last quarter. State Street Corp boosted its stake in shares of ADTRAN by 2.8% during the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after purchasing an additional 48,542 shares during the period. Finally, Millennium Management LLC grew its holdings in ADTRAN by 8,824.3% during the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock valued at $8,151,000 after purchasing an additional 1,532,257 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Analyst Ratings Changes

ADTN has been the topic of several research analyst reports. Needham & Company LLC boosted their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, November 8th. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Craig Hallum began coverage on ADTRAN in a report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 target price on the stock. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and increased their price target for the company from $6.00 to $10.00 in a research note on Friday, November 8th. Finally, Northland Securities lifted their price objective on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $11.50.

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About ADTRAN

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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.

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