ADTRAN (NASDAQ:ADTN) Shares Gap Down – What’s Next?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) gapped down prior to trading on Friday . The stock had previously closed at $8.86, but opened at $8.65. ADTRAN shares last traded at $8.65, with a volume of 97,656 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $6.00 to $10.00 in a report on Friday, November 8th. Needham & Company LLC lifted 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, StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One 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 stock. According to MarketBeat.com, ADTRAN presently has an average rating of “Buy” and an average price target of $9.50.

ADTRAN Stock Down 3.6 %

The firm has a market cap of $677.27 million, a PE ratio of -1.31 and a beta of 1.29. The business has a 50-day moving average price of $7.31 and a two-hundred day moving average price of $6.12. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89.

Hedge Funds Weigh In On ADTRAN

Several hedge funds and other institutional investors have recently made changes to their positions in ADTN. Paradigm Capital Management Inc. NY lifted its stake in ADTRAN by 173.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after acquiring an additional 1,551,000 shares during the last quarter. Millennium Management LLC lifted its position in shares of ADTRAN by 8,824.3% during the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after purchasing an additional 1,532,257 shares during the last quarter. Divisar Capital Management LLC grew its stake in shares of ADTRAN by 25.0% during the second quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of ADTRAN by 1,545.2% during the third quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock worth $3,927,000 after purchasing an additional 621,906 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in ADTRAN by 3,656.1% in the second quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after buying an additional 432,372 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.