ADTRAN (NASDAQ:ADTN) Sees Strong Trading Volume - Time to Buy?

Key Points

• ADTRAN saw a significant increase in trading volume, with approximately 1.55 million shares traded, marking a 37% increase from the previous day.
• The company's stock currently holds a consensus rating of "Moderate Buy," with an average price target of $12.00 despite a recent drop of 1.2% in stock price to $8.79.
• ADTRAN reported a revenue increase of 17.3% year-over-year but missed earnings expectations with a loss of ($0.26) per share for the last quarter.

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) shares saw unusually-high trading volume on Wednesday . Approximately 1,552,764 shares changed hands during mid-day trading, an increase of 37% from the previous session's volume of 1,135,251 shares.The stock last traded at $8.79 and had previously closed at $8.86.

Wall Street Analysts Forecast Growth

ADTN has been the subject of several analyst reports. Wolfe Research initiated coverage on ADTRAN in a report on Monday, July 7th. They issued a "peer perform" rating for the company. B. Riley initiated coverage on ADTRAN in a report on Thursday. They issued a "buy" rating and a $16.00 target price for the company. Finally, Wall Street Zen lowered ADTRAN from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.80.

ADTRAN Trading Down 1.5%

The company has a market capitalization of $755.01 million, a price-to-earnings ratio of -7.20 and a beta of 1.39. The business has a fifty day moving average price of $9.28 and a 200 day moving average price of $8.67. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.96 and a quick ratio of 1.19.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.27). The firm had revenue of $265.07 million during the quarter, compared to analyst estimates of $255.57 million. ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The business's revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.24) earnings per share. On average, equities analysts expect that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Trading of ADTRAN

Several large investors have recently made changes to their positions in ADTN. BNP Paribas Financial Markets acquired a new position in shares of ADTRAN during the fourth quarter valued at $399,000. Bank of America Corp DE lifted its stake in shares of ADTRAN by 20.2% during the fourth quarter. Bank of America Corp DE now owns 634,013 shares of the communications equipment provider's stock valued at $5,281,000 after acquiring an additional 106,601 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in shares of ADTRAN by 23.0% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 231,364 shares of the communications equipment provider's stock valued at $1,927,000 after acquiring an additional 43,221 shares during the period. Deutsche Bank AG lifted its stake in shares of ADTRAN by 59.8% during the fourth quarter. Deutsche Bank AG now owns 73,179 shares of the communications equipment provider's stock valued at $610,000 after acquiring an additional 27,377 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of ADTRAN by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,821 shares of the communications equipment provider's stock valued at $373,000 after acquiring an additional 1,605 shares during the period. Institutional investors 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.