BidaskClub Upgrades ADTRAN (NASDAQ:ADTN) to Sell

ADTRAN (NASDAQ:ADTN) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued on Wednesday, BidAskClub reports.

Several other analysts have also recently issued reports on the company. MKM Partners cut ADTRAN from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $17.00 to $11.00 in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of ADTRAN in a report on Thursday, October 31st. Northland Securities reaffirmed a “hold” rating and set a $10.00 price objective on shares of ADTRAN in a report on Thursday, October 10th. Zacks Investment Research cut ADTRAN from a “buy” rating to a “hold” rating and set a $10.00 price objective on the stock. in a report on Monday, October 14th. Finally, ValuEngine upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. ADTRAN currently has a consensus rating of “Hold” and an average price target of $12.00.

Shares of NASDAQ:ADTN traded up $0.07 during mid-day trading on Wednesday, reaching $9.32. 185,400 shares of the company traded hands, compared to its average volume of 270,670. The firm has a market cap of $442.39 million, a PE ratio of -19.83 and a beta of 1.19. ADTRAN has a 52 week low of $8.09 and a 52 week high of $17.81. The company’s 50 day moving average price is $9.91 and its 200-day moving average price is $12.80.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Wednesday, October 30th. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.02). The firm had revenue of $114.09 million for the quarter, compared to analysts’ expectations of $114.00 million. ADTRAN had a negative return on equity of 0.57% and a negative net margin of 8.79%. On average, analysts forecast that ADTRAN will post -0.02 EPS for the current year.

In related news, Director Balan Nair purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were bought at an average price of $9.19 per share, for a total transaction of $91,900.00. Following the acquisition, the director now owns 49,505 shares of the company’s stock, valued at approximately $454,950.95. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Roger D. Shannon sold 6,200 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $9.71, for a total value of $60,202.00. Following the sale, the vice president now owns 12,809 shares in the company, valued at approximately $124,375.39. The disclosure for this sale can be found here. Corporate insiders own 2.52% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its holdings in ADTRAN by 757.0% during the 2nd quarter. Bank of Montreal Can now owns 4,499 shares of the communications equipment provider’s stock valued at $69,000 after buying an additional 3,974 shares during the period. Meeder Asset Management Inc. purchased a new stake in ADTRAN during the 2nd quarter valued at $114,000. Stevens Capital Management LP purchased a new stake in ADTRAN during the 2nd quarter valued at $155,000. Lapides Asset Management LLC purchased a new stake in ADTRAN during the 3rd quarter valued at $118,000. Finally, Menta Capital LLC purchased a new stake in ADTRAN during the 2nd quarter valued at $189,000. Institutional investors own 91.24% of the company’s stock.

ADTRAN Company Profile

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

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