ADTRAN (NASDAQ:ADTN) Stock Price Passes Above 200 Day Moving Average – Here’s Why

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $11.47 and traded as high as $17.32. ADTRAN shares last traded at $17.27, with a volume of 3,063,911 shares traded.

Analysts Set New Price Targets

ADTN has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of ADTRAN in a research report on Wednesday, May 6th. B. Riley Financial reaffirmed a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Rosenblatt Securities raised their price target on ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen cut ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 17th. Finally, Evercore initiated coverage on ADTRAN in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 target price for the company. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.00.

ADTRAN Price Performance

The company has a debt-to-equity ratio of 1.59, a current ratio of 1.77 and a quick ratio of 1.18. The firm has a market capitalization of $1.40 billion, a P/E ratio of -44.28 and a beta of 1.42. The company’s 50 day moving average price is $15.44 and its 200 day moving average price is $11.47.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.05. The firm had revenue of $286.09 million during the quarter, compared to analysts’ expectations of $285.48 million. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. ADTRAN’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.03 EPS. As a group, sell-side analysts anticipate that ADTRAN Holdings, Inc. will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

Several large investors have recently made changes to their positions in ADTN. Quarry LP bought a new position in ADTRAN in the third quarter valued at about $36,000. Kestra Advisory Services LLC bought a new position in ADTRAN in the fourth quarter valued at approximately $36,000. ST Germain D J Co. Inc. boosted its stake in ADTRAN by 100.0% in 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 during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in ADTRAN during the 4th quarter worth $47,000. Finally, Freestone Grove Partners LP bought a new stake in shares of ADTRAN during the 4th quarter valued at $87,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.