Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Decreases By 11.0%

ADTRAN Holdings, Inc. (NASDAQ:ADTN) was the target of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,350,000 shares, a decrease of 11.0% from the September 15th total of 2,640,000 shares. Based on an average daily volume of 577,200 shares, the short-interest ratio is currently 4.1 days.

Institutional Trading of ADTRAN

Several hedge funds have recently modified their holdings of the stock. Inspire Investing LLC grew its stake in ADTRAN by 5.1% during the 3rd quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock worth $413,000 after purchasing an additional 3,387 shares in the last quarter. Park Avenue Securities LLC purchased a new position in shares of ADTRAN in the 3rd quarter valued at about $65,000. SG Americas Securities LLC grew its position in shares of ADTRAN by 66.5% during the third quarter. SG Americas Securities LLC now owns 28,413 shares of the communications equipment provider’s stock worth $168,000 after buying an additional 11,348 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in shares of ADTRAN during the second quarter worth approximately $69,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of ADTRAN during the second quarter worth approximately $681,000. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Rosenblatt Securities restated a “neutral” rating and issued a $6.00 price objective on shares of ADTRAN in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “buy” rating and set a $8.00 price target on shares of ADTRAN in a research report on Thursday, August 8th. Finally, StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.17.

ADTRAN Stock Performance

NASDAQ ADTN opened at $6.12 on Wednesday. The company has a market cap of $484.20 million, a P/E ratio of -0.89 and a beta of 1.19. ADTRAN has a 1-year low of $4.34 and a 1-year high of $7.73. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.31 and a quick ratio of 1.31. The stock has a 50-day moving average of $5.48 and a two-hundred day moving average of $5.37.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The business had revenue of $225.99 million for the quarter, compared to analysts’ expectations of $225.95 million. ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. As a group, analysts anticipate that ADTRAN will post -0.41 EPS for the current year.

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.