Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Drops By 9.5%

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 1,900,000 shares, a drop of 9.5% from the October 31st total of 2,100,000 shares. Based on an average daily volume of 556,300 shares, the days-to-cover ratio is currently 3.4 days.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ADTN. PEAK6 Investments LLC raised its stake in ADTRAN by 28.5% during the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock worth $96,000 after acquiring an additional 3,911 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in 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 buying an additional 2,764 shares during the period. Public Employees Retirement System of Ohio increased its stake in ADTRAN by 37.9% in the 1st quarter. Public Employees Retirement System of Ohio now owns 118,066 shares of the communications equipment provider’s stock worth $642,000 after buying an additional 32,446 shares in the last quarter. DNB Asset Management AS raised its holdings in ADTRAN by 33.4% during the second quarter. DNB Asset Management AS now owns 4,631,848 shares of the communications equipment provider’s stock valued at $24,364,000 after acquiring an additional 1,159,809 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of ADTRAN in the second quarter valued at about $90,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Trading Up 1.3 %

Shares of ADTN stock opened at $8.50 on Monday. ADTRAN has a 1 year low of $4.34 and a 1 year high of $9.05. The firm has a fifty day moving average price of $6.76 and a 200-day moving average price of $5.89. The company has a market cap of $674.14 million, a price-to-earnings ratio of -1.31 and a beta of 1.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Analyst Ratings Changes

ADTN has been the subject of a number of research reports. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Needham & Company LLC increased their target price on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and raised their target price for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target 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.