ADTRAN Holdings, Inc. (NASDAQ:ADTN) Sees Large Drop in Short Interest

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 2,100,000 shares, a drop of 7.5% from the October 15th total of 2,270,000 shares. Based on an average daily trading volume, of 495,600 shares, the days-to-cover ratio is currently 4.2 days.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ADTN. Russell Investments Group Ltd. grew its position in shares of ADTRAN by 12.5% during the 1st quarter. Russell Investments Group Ltd. now owns 196,990 shares of the communications equipment provider’s stock worth $1,072,000 after buying an additional 21,893 shares in the last quarter. PEAK6 Investments LLC raised its holdings in shares of ADTRAN by 28.5% in the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock valued at $96,000 after purchasing an additional 3,911 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of ADTRAN by 3.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock worth $453,000 after purchasing an additional 2,764 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of ADTRAN by 37.9% during the first quarter. Public Employees Retirement System of Ohio now owns 118,066 shares of the communications equipment provider’s stock valued at $642,000 after purchasing an additional 32,446 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new position in ADTRAN during the first quarter valued at approximately $256,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN opened at $7.92 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The firm has a market cap of $627.66 million, a PE ratio of -1.22 and a beta of 1.20. The firm’s 50 day simple moving average is $6.30 and its 200-day simple moving average is $5.73. ADTRAN has a one year low of $4.34 and a one year high of $8.29.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ADTN shares. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Needham & Company LLC boosted their target price on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and raised their price target for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ADTRAN has a consensus rating of “Moderate Buy” and a consensus target price of $9.50.

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.