ADTRAN (NASDAQ:ADTN) Shares Gap Down – Here’s What Happened

Shares of 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 traded.

Analysts Set New Price Targets

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

ADTRAN Price Performance

The company’s 50 day simple moving average is $7.26 and its two-hundred day simple moving average is $6.10. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89.

Institutional Investors Weigh In On ADTRAN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Divisar Capital Management LLC raised its position in shares of ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock valued at $30,195,000 after purchasing an additional 1,146,774 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its stake in shares of ADTRAN by 173.1% during 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 buying an additional 1,551,000 shares during the period. Geode Capital Management LLC grew its holdings in shares of ADTRAN by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after buying an additional 63,960 shares during the last quarter. State Street Corp increased its position in shares of ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after acquiring an additional 48,542 shares during the period. Finally, Millennium Management LLC lifted its position in 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 acquiring an additional 1,532,257 shares during the period. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

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.