ADTRAN (NASDAQ:ADTN) Shares Down 5.6% – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price fell 5.6% during trading on Thursday . The stock traded as low as $9.78 and last traded at $10.00. 483,813 shares were traded during trading, a decline of 44% from the average session volume of 859,232 shares. The stock had previously closed at $10.59.

Analysts Set New Price Targets

Several analysts recently issued reports on ADTN shares. Rosenblatt Securities reiterated a “buy” rating and set a $15.00 price objective on shares of ADTRAN in a report on Friday, February 28th. Needham & Company LLC boosted their target price on shares of ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Craig Hallum initiated coverage on shares of ADTRAN in a report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Northland Securities lifted their price objective on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $13.50.

ADTRAN Stock Performance

The stock’s 50-day moving average price is $10.32 and its 200 day moving average price is $7.99. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The company has a market cap of $731.52 million, a P/E ratio of -1.41 and a beta of 1.29.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ADTN. Geode Capital Management LLC increased its stake in shares of ADTRAN by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock worth $10,736,000 after purchasing an additional 63,960 shares during the period. Assenagon Asset Management S.A. grew its holdings in ADTRAN by 39.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock valued at $7,708,000 after buying an additional 263,156 shares during the last quarter. Barclays PLC increased its position in ADTRAN by 11.4% in the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after buying an additional 11,880 shares during the period. State Street Corp lifted its holdings in shares of ADTRAN by 2.8% during 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, GSA Capital Partners LLP boosted its position in shares of ADTRAN by 99.3% in the third quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock valued at $2,914,000 after acquiring an additional 244,901 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.