ADTRAN (NASDAQ:ADTN) Reaches New 52-Week Low - Here's What Happened

Key Points

• ADTRAN shares fell to a new 52-week low of $6.28 on Monday, down from the previous close of $6.53. The stock’s 50-day and 200-day moving averages were $7.13 and $11.03, respectively.
• Analyst sentiment is mixed, with four Buy, two Hold and one Sell rating; the average rating is Hold and the average price target is $14.67.
• ADTRAN’s latest quarterly results missed expectations, reporting $0.04 in EPS versus the $0.10 consensus estimate and revenue of $281.15 million versus $290.19 million expected, despite 6% year-over-year revenue growth.

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s share price reached a new 52-week low on Monday. The company traded as low as $6.28 and last traded at $6.28, with a volume of 1,876,575 shares changing hands. The stock had previously closed at $6.53.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADTN shares. Evercore set a $11.00 price objective on shares of ADTRAN in a research note on Wednesday, August 5th. Rosenblatt Securities reduced their price objective on ADTRAN from $20.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of ADTRAN from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Craig Hallum set a $12.00 price target on ADTRAN in a research note on Wednesday, August 5th. Finally, B. Riley Financial restated a "buy" rating and issued a $21.00 price target (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ADTRAN currently has an average rating of "Hold" and an average price target of $14.67.

ADTRAN Price Performance

The company has a market capitalization of $511.69 million, a price-to-earnings ratio of -22.43, a PEG ratio of 4.00 and a beta of 1.53. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69. The company has a 50 day moving average price of $7.13 and a 200 day moving average price of $11.03.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its 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). ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The business had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. The business's revenue was up 6.0% on a year-over-year basis. As a group, equities research analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Institutional Trading of ADTRAN

A number of hedge funds have recently modified their holdings of the company. Tieton Capital Management LLC acquired a new stake in shares of ADTRAN during the second quarter worth about $7,931,000. Bank of America Corp DE bought a new stake in shares of ADTRAN in the second quarter worth $11,751,000. William Blair Investment Management LLC bought a new stake in ADTRAN during the 2nd quarter worth about $15,276,000. Bank of New York Mellon Corp bought a new stake in ADTRAN during the second quarter worth about $3,545,000. Finally, Deutsche Bank AG bought a new stake in shares of ADTRAN during the 2nd quarter worth approximately $3,278,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

About ADTRAN

ADTRAN Holdings, Inc NASDAQ: ADTN is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.