ADTRAN (NASDAQ:ADTN) Hits New 1-Year High – Time to Buy?

Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) reached a new 52-week high during trading on Thursday . The stock traded as high as $11.38 and last traded at $11.17, with a volume of 113314 shares changing hands. The stock had previously closed at $11.00.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Rosenblatt Securities lifted their price objective on ADTRAN from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Craig Hallum started coverage on ADTRAN in a research report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of ADTRAN in a report on Thursday, January 16th. Finally, Northland Securities lifted their price target on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $12.75.

ADTRAN Stock Performance

The stock’s 50 day moving average price is $9.38 and its 200 day moving average price is $7.29. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The company has a market cap of $881.13 million, a price-to-earnings ratio of -1.71 and a beta of 1.29.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of ADTRAN by 798.7% in the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 4,177 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in ADTRAN during the third quarter worth approximately $65,000. Intech Investment Management LLC acquired a new stake in shares of ADTRAN in the third quarter worth $92,000. Harbor Capital Advisors Inc. raised its stake in shares of ADTRAN by 94.8% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after acquiring an additional 9,202 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in ADTRAN in the 3rd quarter valued at $114,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

About ADTRAN

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.