Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Decreases By 17.8%

ADTRAN Holdings, Inc. (NASDAQ:ADTN) saw a large decline in short interest in the month of January. As of January 15th, there was short interest totalling 1,340,000 shares, a decline of 17.8% from the December 31st total of 1,630,000 shares. Based on an average daily volume of 767,700 shares, the short-interest ratio is presently 1.7 days.

ADTRAN Trading Down 2.6 %

Shares of ADTRAN stock opened at $10.37 on Friday. ADTRAN has a 52-week low of $4.34 and a 52-week high of $11.23. The stock’s 50-day simple moving average is $9.15 and its 200 day simple moving average is $7.13. The stock has a market capitalization of $822.40 million, a P/E ratio of -1.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADTN. Millennium Management LLC raised its stake in ADTRAN by 8,824.3% in the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock valued at $8,151,000 after acquiring an additional 1,532,257 shares during the period. Assenagon Asset Management S.A. grew its holdings in ADTRAN by 1,545.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock valued at $3,927,000 after buying an additional 621,906 shares in the last quarter. Marshall Wace LLP grew its holdings in ADTRAN by 3,656.1% during the 2nd 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 in the last quarter. GSA Capital Partners LLP grew its holdings in ADTRAN by 99.3% during the 3rd quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock valued at $2,914,000 after buying an additional 244,901 shares in the last quarter. Finally, Kovack Advisors Inc. grew its holdings in ADTRAN by 20.9% during the 3rd quarter. Kovack Advisors Inc. now owns 778,850 shares of the communications equipment provider’s stock valued at $4,619,000 after buying an additional 134,900 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADTN has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research note on Thursday, January 16th. Rosenblatt Securities lifted their target price on ADTRAN from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Northland Securities lifted their target price on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Craig Hallum initiated coverage on ADTRAN in a research note on Wednesday, January 8th. They set a “buy” rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $12.75.

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.