Adtran Inc. (NASDAQ:ADTN) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,111,197 shares, an increase of 34.2% from the August 31st total of 828,220 shares. Based on an average trading volume of 221,585 shares, the days-to-cover ratio is presently 5.0 days. Approximately 2.3% of the company’s shares are sold short.
A number of brokerages have recently commented on ADTN. Zacks Investment Research lowered shares of Adtran from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. MKM Partners reiterated a “buy” rating and set a $24.00 price objective on shares of Adtran in a research note on Sunday, July 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Adtran in a research note on Thursday, July 14th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $22.05.
Shares of Adtran (NASDAQ:ADTN) opened at 19.53 on Friday. The firm has a market capitalization of $945.21 million, a P/E ratio of 34.63 and a beta of 0.95. Adtran has a 1-year low of $13.92 and a 1-year high of $21.43. The stock’s 50 day moving average is $18.65 and its 200 day moving average is $18.82.
Several hedge funds and other institutional investors have recently modified their holdings of ADTN. BlackRock Institutional Trust Company N.A. boosted its position in shares of Adtran by 1.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,240,179 shares of the company’s stock valued at $25,076,000 after buying an additional 16,306 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Adtran by 15.3% in the second quarter. William Blair Investment Management LLC now owns 591,151 shares of the company’s stock valued at $11,025,000 after buying an additional 78,345 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Adtran by 6.0% in the first quarter. Prudential Financial Inc. now owns 122,101 shares of the company’s stock valued at $2,469,000 after buying an additional 6,900 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Adtran by 23.0% in the first quarter. Renaissance Technologies LLC now owns 1,161,700 shares of the company’s stock valued at $23,490,000 after buying an additional 217,472 shares during the last quarter. Finally, Stoneridge Investment Partners LLC bought a new position in shares of Adtran during the second quarter valued at about $1,040,000. Institutional investors and hedge funds own 96.10% of the company’s stock.
ADTRAN, Inc is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: the Carrier Networks Division and the Enterprise Networks Division. Its Carrier Networks Division supplies the network access products, services and supports that service providers require to connect their customers to transmission and switching networks.
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