ADTRAN Holdings, Inc. (NASDAQ:ADTN) Short Interest Down 35.8% in November

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a significant decrease in short interest in November. As of November 30th, there was short interest totalling 1,220,000 shares, a decrease of 35.8% from the November 15th total of 1,900,000 shares. Based on an average trading volume of 567,000 shares, the days-to-cover ratio is currently 2.2 days.

ADTRAN Price Performance

NASDAQ:ADTN opened at $8.54 on Friday. The firm has a market cap of $677.31 million, a price-to-earnings ratio of -1.31 and a beta of 1.29. ADTRAN has a one year low of $4.34 and a one year high of $9.21. The firm’s fifty day moving average is $7.31 and its two-hundred day moving average is $6.12. 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

Hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in ADTRAN by 3.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock worth $453,000 after acquiring an additional 2,764 shares during the last quarter. SG Americas Securities LLC purchased a new position in ADTRAN in the 2nd quarter valued at approximately $90,000. Assenagon Asset Management S.A. acquired a new position in shares of ADTRAN during the 2nd quarter worth $212,000. Versor Investments LP increased its position in ADTRAN by 36.5% during the second quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock worth $159,000 after buying an additional 8,100 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in ADTRAN by 17.9% in the 2nd quarter. American Century Companies Inc. now owns 90,343 shares of the communications equipment provider’s stock valued at $475,000 after purchasing an additional 13,688 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

Analyst Ratings Changes

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

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.