Anterix (NASDAQ:ATEX) Stock Price Down 6.3% – Time to Sell?

Anterix Inc. (NASDAQ:ATEX) shares dropped 6.3% during trading on Wednesday. The stock traded as low as $70.34 and last traded at $70.7080. 71,797 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 367,150 shares. The stock had previously closed at $75.47.

Analysts Set New Price Targets

A number of analysts recently commented on ATEX shares. Weiss Ratings lowered Anterix from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday. Wall Street Zen lowered Anterix from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. JPMorgan Chase & Co. reduced their price objective on Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. DA Davidson set a $161.00 price objective on Anterix in a report on Friday, August 21st. Finally, B. Riley Financial raised Anterix from a “neutral” rating to a “buy” rating and upped their target price for the stock from $86.00 to $103.00 in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $131.33.

Anterix Stock Up 8.0%

The stock has a market capitalization of $1.63 billion, a P/E ratio of 212.03 and a beta of 0.87. The business’s 50 day simple moving average is $81.22 and its two-hundred day simple moving average is $67.52.

Anterix (NASDAQ:ATEX) last posted its earnings results on Tuesday, November 10th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.05. The company had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.05 million. Anterix had a net margin of 96.23% and a negative return on equity of 11.07%. Analysts predict that Anterix Inc. will post -2.00 earnings per share for the current year.

Insiders Place Their Bets

In other Anterix news, insider Christopher Guttman-Mccabe sold 23,439 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $92.36, for a total transaction of $2,164,826.04. Following the completion of the sale, the insider directly owned 44,876 shares of the company’s stock, valued at approximately $4,144,747.36. The trade was a 34.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Leslie B. Daniels sold 6,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $87.15, for a total value of $522,900.00. Following the completion of the sale, the director directly owned 50,077 shares of the company’s stock, valued at approximately $4,364,210.55. This trade represents a 10.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 78,441 shares of company stock worth $6,794,661 in the last 90 days. Company insiders own 40.05% of the company’s stock.

Institutional Investors Weigh In On Anterix

A number of institutional investors and hedge funds have recently bought and sold shares of ATEX. State of Wyoming bought a new stake in shares of Anterix in the 3rd quarter worth $27,000. Sterling Capital Management LLC lifted its position in shares of Anterix by 850.0% during the third quarter. Sterling Capital Management LLC now owns 380 shares of the company’s stock valued at $30,000 after purchasing an additional 340 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Anterix during the second quarter worth about $35,000. Parallel Advisors LLC boosted its holdings in Anterix by 63.7% during the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after purchasing an additional 363 shares during the last quarter. Finally, Fifth Third Bancorp purchased a new position in Anterix during the first quarter worth about $64,000. 87.67% of the stock is owned by hedge funds and other institutional investors.

Anterix Company Profile

Anterix Inc. provides licensed wireless spectrum for private broadband networks, primarily serving electric, gas and water utilities and other critical-infrastructure organizations. Its business focuses on making 900 MHz spectrum available to customers that want dedicated communications networks for operational needs such as grid monitoring, automation and resilience. The company’s spectrum holdings cover areas across the United States. Anterix works with utilities and technology partners to support the development of private LTE networks, offering spectrum access and related planning and ecosystem support rather than operating a public mobile network.