ADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Free Report)’s stock price hit a new 52-week low during trading on Wednesday. The company traded as low as $6.69 and last traded at $6.6840, with a volume of 577,363 shares. The stock had previously closed at $6.96.
Analyst Ratings Changes
Several equities analysts have issued reports on ADTN shares. Zacks Research raised shares of ADTRAN from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Evercore set a $11.00 price target on ADTRAN in a research note on Wednesday, August 5th. B. Riley Financial restated a “buy” rating and set a $21.00 price target (down from $23.00) on shares of ADTRAN in a research note on Thursday, July 23rd. Needham & Company LLC decreased their price objective on shares of ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Finally, Weiss Ratings downgraded shares of ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.67.
View Our Latest Report on ADTN
ADTRAN Price Performance
ADTRAN (NASDAQ:ADTN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The business had revenue of $281.15 million for the quarter, compared to analysts’ expectations of $290.19 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%. ADTRAN’s revenue was up 6.0% on a year-over-year basis. On average, analysts expect that ADTRAN Holdings, Inc. will post 0.16 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of ADTN. BlackRock Inc. acquired a new position in shares of ADTRAN in the second quarter worth about $108,923,000. William Blair Investment Management LLC acquired a new stake in shares of ADTRAN during the 2nd quarter valued at about $15,276,000. Bank of America Corp DE acquired a new stake in shares of ADTRAN during the 2nd quarter valued at about $11,751,000. Heartland Advisors Inc. purchased a new position in shares of ADTRAN in the 2nd quarter valued at about $10,425,000. Finally, Sei Investments Co. increased its stake in shares of ADTRAN by 162.0% in the 1st quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider’s stock valued at $13,902,000 after purchasing an additional 683,262 shares in the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.
ADTRAN Company Profile
ADTRAN Holdings, Inc is a communications networking company that develops hardware, software and services for telecommunications providers, enterprises and private networks. Its solutions help customers deploy and manage broadband, fiber, Ethernet, fixed wireless and other access networks.
The company’s portfolio includes fiber access platforms, optical networking systems, broadband gateways, routers, switches, Wi-Fi equipment, network management software and cloud-based tools. ADTRAN also provides professional, support and managed services designed to help communications service providers build and operate scalable networks.
Founded in 1985 and headquartered in Huntsville, Alabama, ADTRAN serves customers across North America, Europe and other international markets.
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