Adtran Holdings Inc (ADTN)

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.