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

Anterix Inc. (NASDAQ:ATEX)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $25.93, but opened at $27.20. Anterix shares last traded at $27.1270, with a volume of 444,691 shares.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Anterix in a research report on Wednesday, January 21st. Zacks Research upgraded Anterix from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Anterix from $67.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

Anterix Trading Up 10.6%

The company has a market cap of $536.80 million, a price-to-earnings ratio of 5.61 and a beta of 0.86. The firm has a 50-day moving average price of $22.13 and a 200 day moving average price of $21.71.

Anterix (NASDAQ:ATEX) last released its earnings results on Wednesday, November 12th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.51. Anterix had a net margin of 1,614.08% and a negative return on equity of 14.95%. The firm had revenue of $1.55 million during the quarter, compared to analyst estimates of $1.43 million. Research analysts anticipate that Anterix Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Gena L. Ashe sold 6,564 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $21.07, for a total transaction of $138,303.48. Following the completion of the transaction, the insider owned 13,366 shares in the company, valued at $281,621.62. The trade was a 32.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Scott A. Lang bought 1,160 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was bought at an average cost of $21.61 per share, for a total transaction of $25,067.60. Following the completion of the transaction, the chief executive officer directly owned 8,260 shares of the company’s stock, valued at $178,498.60. This trade represents a 16.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 45.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Anterix

A number of hedge funds have recently made changes to their positions in the business. Waterfront Wealth Inc. bought a new position in Anterix in the 4th quarter worth approximately $1,150,000. Kirr Marbach & Co. LLC IN grew its stake in shares of Anterix by 3.7% in the fourth quarter. Kirr Marbach & Co. LLC IN now owns 100,418 shares of the company’s stock worth $2,192,000 after purchasing an additional 3,569 shares in the last quarter. Jefferson Bridge Capital LLC acquired a new position in shares of Anterix during the fourth quarter valued at $283,000. SG Americas Securities LLC bought a new stake in shares of Anterix during the fourth quarter valued at about $1,059,000. Finally, Tudor Investment Corp ET AL lifted its holdings in Anterix by 9.8% in the third quarter. Tudor Investment Corp ET AL now owns 128,681 shares of the company’s stock worth $2,763,000 after purchasing an additional 11,514 shares during the period. Institutional investors 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.