ADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Free Report)’s share price was down 5.8% during mid-day trading on Tuesday . The stock traded as low as $15.06 and last traded at $15.0950. Approximately 410,926 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,007,001 shares. The stock had previously closed at $16.02.
Analyst Ratings Changes
A number of brokerages have recently issued reports on ADTN. B. Riley Financial reiterated a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Rosenblatt Securities boosted their target price on shares of ADTRAN from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of ADTRAN in a report on Wednesday, May 6th. Northland Securities set a $18.00 price objective on shares of ADTRAN in a research note on Wednesday, May 6th. Finally, Evercore began coverage on shares of ADTRAN in a report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.00.
Check Out Our Latest Stock Analysis on ADTN
ADTRAN Stock Down 9.1%
ADTRAN (NASDAQ:ADTN – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The business had revenue of $286.09 million for the quarter, compared to analyst estimates of $285.48 million. During the same period in the prior year, the company earned $0.03 earnings per share. The company’s revenue was up 15.5% on a year-over-year basis. As a group, analysts anticipate that ADTRAN Holdings, Inc. will post 0.43 EPS for the current year.
Institutional Trading of ADTRAN
Institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. boosted its holdings in shares of ADTRAN by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider’s stock valued at $693,000 after acquiring an additional 1,263 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock worth $408,000 after buying an additional 1,946 shares during the last quarter. Occudo Quantitative Strategies LP grew its holdings in ADTRAN by 3.2% during the third quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider’s stock worth $616,000 after acquiring an additional 2,016 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in ADTRAN by 1.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider’s stock worth $1,632,000 after acquiring an additional 2,068 shares during the period. Finally, ST Germain D J Co. Inc. raised its position in ADTRAN by 100.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 2,500 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.
About ADTRAN
ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.
The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.
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