Anterix (NASDAQ:ATEX) Stock Price Up 4.8% – Still a Buy?

Shares of Anterix Inc. (NASDAQ:ATEX) shot up 4.8% during mid-day trading on Monday . The stock traded as high as $101.61 and last traded at $105.7590. Approximately 21,624 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 404,961 shares. The stock had previously closed at $100.96.

Analyst Ratings Changes

ATEX has been the subject of several recent analyst reports. Wall Street Zen upgraded Anterix from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Weiss Ratings raised Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 26th. Finally, B. Riley Financial downgraded Anterix from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $44.00 to $69.00 in a report on Thursday, June 4th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Anterix currently has a consensus rating of “Hold” and an average target price of $59.50.

Anterix Stock Up 3.0%

The company has a market cap of $2.03 billion, a PE ratio of 21.53 and a beta of 0.83. The company’s fifty day moving average is $73.71 and its 200-day moving average is $47.33.

Insider Buying and Selling

In related news, Director Mark Fleischhauer sold 3,500 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $79.83, for a total value of $279,405.00. Following the completion of the sale, the director directly owned 12,769 shares of the company’s stock, valued at approximately $1,019,349.27. This represents a 21.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gena L. Ashe sold 17,711 shares of Anterix stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.31, for a total transaction of $1,440,081.41. Following the transaction, the insider directly owned 9,531 shares in the company, valued at $774,965.61. This represents a 65.01% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 124,109 shares of company stock worth $10,174,158 in the last ninety days. Corporate insiders own 40.05% of the company’s stock.

Hedge Funds Weigh In On Anterix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ATEX. Parallel Advisors LLC lifted its position in Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after buying an additional 363 shares during the last quarter. Bank of America Corp DE increased its position in Anterix by 17.2% during the first quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock valued at $6,408,000 after acquiring an additional 24,657 shares during the last quarter. Royal Bank of Canada increased its position in Anterix by 151.2% during the first quarter. Royal Bank of Canada now owns 3,034 shares of the company’s stock valued at $116,000 after acquiring an additional 1,826 shares during the last quarter. Quantinno Capital Management LP raised its stake in shares of Anterix by 64.6% in the first quarter. Quantinno Capital Management LP now owns 15,619 shares of the company’s stock valued at $596,000 after acquiring an additional 6,132 shares during the period. Finally, Gamco Investors INC. ET AL raised its stake in shares of Anterix by 0.8% in the first quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock valued at $16,262,000 after acquiring an additional 3,350 shares during the period. 87.67% of the stock is owned by institutional investors.

Anterix Company Profile

Anterix, Inc is a specialized telecommunications company focused on delivering private broadband networks for utilities and other critical infrastructure industries. The company owns and operates dedicated 900 MHz spectrum that enables reliable, secure and high-performance wireless communications to support grid modernization, smart metering, distribution automation and other mission-critical applications. By leveraging this spectrum, Anterix helps electric, water and gas utilities deploy advanced communications capabilities to enhance operational efficiency and resiliency.

At the core of Anterix’s offering is its licensed 900 MHz spectrum, which provides superior propagation characteristics compared with unlicensed options and allows for cost-effective coverage over expansive service territories.