ADTRAN (NASDAQ:ADTN) Now Covered by B. Riley

Key Points

• Coverage of ADTRAN (NASDAQ:ADTN) has been initiated by B. Riley with a "buy" rating, while the average target price for the stock is currently set at $12.80.
• ADTRAN's stock has experienced a 9.2% increase recently, opening at $9.58 with a twelve-month range between $5.57 and $12.44.
• For the most recent quarter, ADTRAN reported a loss of ($0.26) earnings per share, falling short of analysts' estimates, despite a year-over-year revenue increase of 17.3%.

B. Riley started coverage on shares of ADTRAN (NASDAQ:ADTN - Free Report) in a report published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $16.00 price target on the communications equipment provider's stock.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of ADTRAN from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Wolfe Research began coverage on shares of ADTRAN in a research note on Monday, July 7th. They set a "peer perform" rating on the stock. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.80.

ADTRAN Trading Up 1.6%

Shares of NASDAQ ADTN traded up $0.15 during midday trading on Wednesday, reaching $9.65. 1,658,285 shares of the stock were exchanged, compared to its average volume of 1,218,435. The company has a market capitalization of $771.81 million, a price-to-earnings ratio of -7.37 and a beta of 1.39. ADTRAN has a 12 month low of $5.59 and a 12 month high of $12.44. The business has a 50-day simple moving average of $9.29 and a two-hundred day simple moving average of $8.64. 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 posted its quarterly earnings data on Monday, August 4th. The communications equipment provider reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The company had revenue of $265.07 million during the quarter, compared to the consensus estimate of $255.57 million. ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The company's revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.24) earnings per share. As a group, equities research analysts expect that ADTRAN will post -0.5 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. bought a new position in shares of ADTRAN during the second quarter valued at $27,000. FNY Investment Advisers LLC acquired a new position in shares of ADTRAN during the first quarter valued at about $65,000. New York State Teachers Retirement System bought a new stake in ADTRAN in the second quarter worth about $65,000. Park Avenue Securities LLC bought a new stake in ADTRAN in the second quarter worth about $91,000. Finally, Ballentine Partners LLC bought a new stake in ADTRAN in the first quarter worth about $94,000. 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.