Anterix (NASDAQ:ATEX) Shares Up 7.1% – Here’s What Happened

Shares of Anterix Inc. (NASDAQ:ATEX) traded up 7.1% during mid-day trading on Thursday. The stock traded as high as $83.54 and last traded at $84.1110. Approximately 100,316 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 382,079 shares. The stock had previously closed at $78.50.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ATEX shares. Weiss Ratings downgraded Anterix from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, September 17th. JPMorgan Chase & Co. lowered their target price on Anterix from $133.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Clear Str upgraded Anterix to a “strong-buy” rating in a research note on Monday, July 27th. B. Riley Financial lowered shares of Anterix from a “buy” rating to a “neutral” rating and upped their price target for the company from $44.00 to $69.00 in a research report on Thursday, June 4th. Finally, Wall Street Zen downgraded shares of Anterix from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $120.00.

Anterix Price Performance

The stock has a market cap of $1.65 billion, a PE ratio of 24.00 and a beta of 0.84. The stock has a 50-day moving average price of $88.53 and a two-hundred day moving average price of $72.55.

Anterix (NASDAQ:ATEX) last announced its earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.44. The firm had revenue of $1.96 million for the quarter, compared to analysts’ expectations of $2.00 million. Anterix had a net margin of 933.03% and a negative return on equity of 10.65%. Equities research analysts expect that Anterix Inc. will post -2 earnings per share for the current year.

Insider Activity at Anterix

In other Anterix news, CMO Heather Martin sold 8,064 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $84.20, for a total transaction of $678,988.80. Following the completion of the sale, the chief marketing officer directly owned 26,743 shares of the company’s stock, valued at approximately $2,251,760.60. This represents a 23.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Thomas Kuhn sold 10,000 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $88.85, for a total transaction of $888,500.00. Following the sale, the chairman directly owned 17,731 shares of the company’s stock, valued at $1,575,399.35. The trade was a 36.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 119,860 shares of company stock valued at $10,575,143 over the last quarter. 40.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Anterix

Several hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new stake in Anterix during the 2nd quarter valued at about $35,000. Parallel Advisors LLC boosted its position in Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after buying an additional 363 shares during the last quarter. Fifth Third Bancorp purchased a new position in Anterix during the 1st quarter worth approximately $64,000. Legal & General Group Plc acquired a new stake in Anterix during the 2nd quarter valued at approximately $222,000. Finally, Ieq Capital LLC acquired a new stake in Anterix during the 2nd quarter valued at approximately $226,000. 87.67% of the stock is owned by institutional investors and hedge funds.

Anterix Company Profile

Anterix Inc (NASDAQ: ATEX) provides private wireless broadband solutions for critical infrastructure organizations, with a primary focus on electric utilities in the United States. The company’s services are designed to support mission-critical communications, grid modernization, operational technology, and other applications that require secure and reliable connectivity.

Anterix owns and manages licensed spectrum in the 900 MHz band and makes that spectrum available through arrangements with utility and infrastructure customers.