ADTRAN (NASDAQ:ADTN) Upgraded by StockNews.com to Sell

StockNews.com upgraded shares of ADTRAN (NASDAQ:ADTN) to a sell rating in a research report released on Friday morning.

Several other brokerages have also commented on ADTN. Needham & Company LLC reduced their price objective on ADTRAN from $12.00 to $9.00 and set a buy rating on the stock in a research report on Tuesday, November 7th. Rosenblatt Securities lowered ADTRAN from a buy rating to a neutral rating and reduced their price objective for the company from $11.00 to $7.00 in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $15.20.

ADTRAN Price Performance

Shares of ADTRAN stock opened at $5.62 on Friday. The company has a current ratio of 2.73, a quick ratio of 1.42 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $442.29 million, a PE ratio of -4.29 and a beta of 1.36. The business’s 50-day moving average price is $7.17 and its 200-day moving average price is $8.52. ADTRAN has a 12 month low of $4.91 and a 12 month high of $21.15.

Hedge Funds Weigh In On ADTRAN

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in ADTRAN by 7.7% in the 2nd quarter. BlackRock Inc. now owns 13,266,379 shares of the communications equipment provider’s stock worth $139,695,000 after buying an additional 951,700 shares during the period. Vanguard Group Inc. lifted its holdings in ADTRAN by 43.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,539,783 shares of the communications equipment provider’s stock worth $147,629,000 after buying an additional 2,298,501 shares during the period. Bank of New York Mellon Corp lifted its holdings in ADTRAN by 12.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,684,534 shares of the communications equipment provider’s stock worth $38,798,000 after buying an additional 414,254 shares during the period. DnB Asset Management AS lifted its stake in shares of ADTRAN by 11.2% in the 2nd quarter. DnB Asset Management AS now owns 3,105,474 shares of the communications equipment provider’s stock valued at $32,701,000 after purchasing an additional 312,817 shares during the period. Finally, DNB Asset Management AS lifted its stake in shares of ADTRAN by 11.2% in the 2nd quarter. DNB Asset Management AS now owns 3,105,474 shares of the communications equipment provider’s stock valued at $32,701,000 after purchasing an additional 312,817 shares during the period. 81.88% of the stock is currently owned by institutional investors.

ADTRAN Company Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support.