ADTRAN (NASDAQ:ADTN) Sets New 1-Year Low - Here's What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) shares reached a new 52-week low on Wednesday . The company traded as low as $7.49 and last traded at $7.66, with a volume of 805863 shares traded. The stock had previously closed at $7.75.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Rosenblatt Securities decreased their price objective on shares of ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Needham & Company LLC raised their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Craig Hallum initiated coverage on shares of ADTRAN in a report on Wednesday, January 8th. They issued a "buy" rating and a $15.00 price target for the company. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ADTRAN currently has a consensus rating of "Buy" and an average target price of $12.50.

ADTRAN Trading Down 1.2 %

The firm has a market cap of $612.51 million, a P/E ratio of -1.18 and a beta of 1.46. The stock has a fifty day simple moving average of $8.64 and a 200 day simple moving average of $8.73. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. William Blair Investment Management LLC lifted its stake in ADTRAN by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 4,647,155 shares of the communications equipment provider's stock worth $38,711,000 after purchasing an additional 114,986 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ADTRAN by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock worth $10,736,000 after buying an additional 63,960 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of ADTRAN by 39.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider's stock worth $7,708,000 after buying an additional 263,156 shares during the last quarter. Quantbot Technologies LP lifted its position in ADTRAN by 104.5% during the fourth quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock valued at $124,000 after purchasing an additional 7,636 shares during the period. Finally, Barclays PLC raised its position in shares of ADTRAN by 11.4% in the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider's stock worth $686,000 after acquiring an additional 11,880 shares during the period. Hedge funds and other institutional investors 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.

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