Anterix (NASDAQ:ATEX) Stock Price Down 11% – Time to Sell?

Anterix Inc. (NASDAQ:ATEX)’s share price dropped 11% during mid-day trading on Thursday . The stock traded as low as $94.48 and last traded at $93.78. 192,539 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 404,968 shares. The stock had previously closed at $105.34.

Analysts Set New Price Targets

Several analysts have weighed in on ATEX shares. Wall Street Zen raised Anterix from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings raised shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. Finally, B. Riley Financial cut shares of Anterix from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $59.50.

Anterix Stock Performance

The firm has a market capitalization of $1.84 billion, a P/E ratio of 19.36 and a beta of 0.83. The company has a 50-day moving average price of $76.98 and a 200-day moving average price of $49.07.

Insider Transactions at Anterix

In other news, CFO Elena Marquez sold 4,291 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $79.50, for a total value of $341,134.50. Following the completion of the sale, the chief financial officer directly owned 18,387 shares of the company’s stock, valued at $1,461,766.50. This represents a 18.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $82.46, for a total value of $7,539,895.02. Following the completion of the sale, the insider directly owned 77,807 shares of the company’s stock, valued at approximately $6,415,965.22. This trade represents a 54.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 124,109 shares of company stock valued at $10,174,158. Corporate insiders own 40.05% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ATEX. Jefferies Financial Group Inc. bought a new stake in Anterix in the fourth quarter valued at approximately $9,922,000. Millennium Management LLC grew its holdings in shares of Anterix by 1,153.1% in the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock valued at $9,604,000 after buying an additional 404,838 shares during the period. Gamco Investors INC. ET AL grew its holdings in shares of Anterix by 0.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock valued at $16,262,000 after buying an additional 3,350 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Anterix by 30.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company’s stock valued at $16,223,000 after buying an additional 99,933 shares in the last quarter. Finally, State Street Corp increased its position in shares of Anterix by 5.4% in the 4th quarter. State Street Corp now owns 333,788 shares of the company’s stock valued at $7,287,000 after buying an additional 17,017 shares in the last quarter. Institutional investors and hedge funds own 87.67% of the company’s stock.

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.