StockNews.com Upgrades ADTRAN (NASDAQ:ADTN) to Hold (2024)

Posted by MarketBeat News on Jun 12th, 2024

ADTRAN (NASDAQ:ADTN – Get Free Report) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Monday.

Other equities analysts also recently issued reports about the company. Rosenblatt Securities dropped their price target on ADTRAN from $8.00 to $7.50 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. Northland Securities upgraded ADTRAN from a “market perform” rating to an “outperform” rating and set a $7.50 price target on the stock in a research note on Wednesday, May 8th. Northland Capmk upgraded ADTRAN from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $8.00 price target on shares of ADTRAN in a research note on Monday, May 20th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.67.

Check Out Our Latest Report on ADTRAN

ADTRAN Stock Performance

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Shares of ADTN opened at $5.12 on Monday. The business’s fifty day simple moving average is $5.10 and its two-hundred day simple moving average is $5.94. The company has a current ratio of 2.46, a quick ratio of 1.33 and a debt-to-equity ratio of 0.73. ADTRAN has a 12 month low of $4.34 and a 12 month high of $11.02. The company has a market cap of $405.09 million, a price-to-earnings ratio of -0.73 and a beta of 1.19.

ADTRAN (NASDAQ:ADTN – Get Free Report) last issued its earnings results on Tuesday, May 7th. The communications equipment provider reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.05. ADTRAN had a negative return on equity of 18.98% and a negative net margin of 51.42%. The business had revenue of $226.17 million for the quarter, compared to the consensus estimate of $223.00 million. Research analysts anticipate that ADTRAN will post -0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

Several institutional investors and hedge funds have recently bought and sold shares of ADTN. Cape Investment Advisory Inc. purchased a new position in ADTRAN during the fourth quarter valued at $27,000. Nisa Investment Advisors LLC raised its holdings in ADTRAN by 20,809.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the communications equipment provider’s stock valued at $51,000 after acquiring an additional 6,867 shares during the period. RPO LLC bought a new stake in ADTRAN during the fourth quarter valued at about $84,000. PEAK6 Investments LLC raised its holdings in ADTRAN by 28.5% during the first quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock valued at $96,000 after acquiring an additional 3,911 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in ADTRAN by 91.5% during the third quarter. PNC Financial Services Group Inc. now owns 12,933 shares of the communications equipment provider’s stock valued at $106,000 after acquiring an additional 6,179 shares during the period. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

About ADTRAN

(Get Free Report)

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.