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2.38%
-0.20
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Why is Adtran Holdings Inc (ADTN) Stock down?
We've noticed a 18.75% decline in Adtran Holdings Inc (ADTN) stock during the 2024-08-06 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
07 Nov, 2023:
ADTRAN, Inc. Stock (ADTN) dropped by 26.47% from $7.33 to $5.39 in the trading on Tuesday November 7, 2023. The reasons why ADTN stock down today include:
- Q3 financial results: Net sales during the quarter declined to $272.3 million from $340.7 million in the prior-year quarter, owing to weak demand trends. Revenues came below the lower end of the company’s guidance range. The top line missed the consensus estimate of $285 million.
- Stock downgrade: Adtran has faced a downgrade from Buy to Neutral by Rosenblatt analyst Mike Genovese. The price target was lowered from $11 to $7, reflecting a weak Q4 outlook for the company.
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