Short Interest in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Decreases By 21.2%

ADTRAN Holdings, Inc. (NASDAQ:ADTN) was the recipient of a significant decline in short interest in March. As of March 31st, there was short interest totalling 2,310,000 shares, a decline of 21.2% from the March 15th total of 2,930,000 shares. Based on an average daily volume of 749,100 shares, the short-interest ratio is presently 3.1 days.

Analysts Set New Price Targets

Several research firms have weighed in on ADTN. StockNews.com raised shares of ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. Needham & Company LLC decreased their price target on shares of ADTRAN from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Finally, Rosenblatt Securities decreased their price target on shares of ADTRAN from $8.00 to $7.50 and set a “neutral” rating for the company in a research note on Wednesday, February 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, ADTRAN currently has an average rating of “Hold” and an average target price of $10.50.

ADTRAN Trading Down 4.6 %

NASDAQ:ADTN opened at $4.72 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.64 and a quick ratio of 1.34. The firm has a 50-day moving average of $5.80 and a 200-day moving average of $6.42. The company has a market cap of $373.45 million, a PE ratio of -1.47 and a beta of 1.13. ADTRAN has a one year low of $4.70 and a one year high of $11.02.

ADTRAN (NASDAQ:ADTN) last posted its earnings results on Monday, February 26th. The communications equipment provider reported ($1.13) EPS for the quarter, missing the consensus estimate of ($0.12) by ($1.01). The business had revenue of $225.48 million for the quarter, compared to the consensus estimate of $232.45 million. ADTRAN had a negative return on equity of 15.65% and a negative net margin of 21.80%. As a group, equities research analysts expect that ADTRAN will post -0.25 EPS for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors have recently added to or reduced their stakes in ADTN. Envestnet Asset Management Inc. grew its position in ADTRAN by 3.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock worth $337,000 after purchasing an additional 585 shares in the last quarter. JPMorgan Chase & Co. grew its position in ADTRAN by 1.5% in the 1st quarter. JPMorgan Chase & Co. now owns 277,080 shares of the communications equipment provider’s stock worth $5,112,000 after purchasing an additional 4,148 shares in the last quarter. Raymond James & Associates grew its position in ADTRAN by 5.3% in the 1st quarter. Raymond James & Associates now owns 19,939 shares of the communications equipment provider’s stock worth $368,000 after purchasing an additional 995 shares in the last quarter. Citigroup Inc. grew its position in ADTRAN by 7.5% in the 1st quarter. Citigroup Inc. now owns 51,167 shares of the communications equipment provider’s stock worth $944,000 after purchasing an additional 3,579 shares in the last quarter. Finally, MetLife Investment Management LLC grew its position in ADTRAN by 51.8% in the 1st quarter. MetLife Investment Management LLC now owns 25,302 shares of the communications equipment provider’s stock worth $467,000 after purchasing an additional 8,632 shares in the last quarter. 80.56% of the stock is owned by 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.