ADTRAN (NASDAQ:ADTN) Sets New 52-Week High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $10.88 and last traded at $10.52, with a volume of 222980 shares. The stock had previously closed at $10.19.

Wall Street Analyst Weigh In

Several research analysts have commented on ADTN shares. Craig Hallum began coverage on ADTRAN in a report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of ADTRAN in a report on Thursday, January 16th. Northland Securities increased their target price on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and increased their price objective for the company from $6.00 to $10.00 in a research note on Friday, November 8th. One investment 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $11.50.

ADTRAN Price Performance

The firm has a market capitalization of $829.82 million, a P/E ratio of -1.61 and a beta of 1.28. The stock’s fifty day simple moving average is $8.76 and its 200 day simple moving average is $6.85. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Institutional Investors Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of ADTN. Divisar Capital Management LLC raised its holdings in shares of ADTRAN by 25.0% during 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 purchasing 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% during the 2nd 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 buying an additional 1,551,000 shares during the last quarter. 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 valued at $10,736,000 after buying an additional 63,960 shares during the period. State Street Corp boosted its stake in shares of ADTRAN by 2.8% in the third quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after buying an additional 48,542 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of ADTRAN by 8,824.3% in the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after buying an additional 1,532,257 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Company Profile

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.