Anterix (NASDAQ:ATEX) Trading 6.3% Higher – Here’s Why

Anterix Inc. (NASDAQ:ATEX)’s share price traded up 6.3% during trading on Wednesday . The stock traded as high as $39.66 and last traded at $40.1380. 42,769 shares changed hands during trading, a decline of 89% from the average session volume of 385,810 shares. The stock had previously closed at $37.76.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ATEX. Weiss Ratings raised shares of Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. Zacks Research cut shares of Anterix from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Anterix currently has a consensus rating of “Hold” and an average target price of $50.00.

Anterix Price Performance

The company has a market cap of $709.70 million, a P/E ratio of 8.71 and a beta of 0.76. The company’s 50-day moving average is $30.66 and its two-hundred day moving average is $24.50.

Anterix (NASDAQ:ATEX) last released its quarterly earnings data on Wednesday, February 11th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.22. Anterix had a negative return on equity of 12.26% and a net margin of 1,370.92%.The business had revenue of $1.57 million for the quarter, compared to analysts’ expectations of $1.47 million. Equities research analysts anticipate that Anterix Inc. will post -1.53 EPS for the current year.

Insider Buying and Selling at Anterix

In other Anterix news, CEO Scott A. Lang purchased 1,160 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was purchased at an average price of $21.61 per share, for a total transaction of $25,067.60. Following the completion of the purchase, 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. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 45.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Anterix

Several institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its holdings in Anterix by 299.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after buying an additional 1,233 shares in the last quarter. Quantbot Technologies LP bought a new position in Anterix during the 3rd quarter valued at about $57,000. BNP Paribas Financial Markets lifted its stake in Anterix by 119.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after acquiring an additional 1,308 shares during the period. Virtus Advisers LLC purchased a new stake in shares of Anterix during the 3rd quarter valued at about $75,000. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Anterix by 52.2% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,069 shares of the company’s stock valued at $79,000 after acquiring an additional 1,052 shares during the last quarter. 87.67% of the stock is owned by hedge funds and other 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.