Anterix (NASDAQ:ATEX) Shares Gap Up After Better-Than-Expected Earnings

Anterix Inc. (NASDAQ:ATEX)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $64.78, but opened at $68.50. Anterix shares last traded at $69.14, with a volume of 93,173 shares.

The company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $1.40. Anterix had a negative return on equity of 12.26% and a net margin of 1,370.92%.The company had revenue of $1.96 million during the quarter, compared to analysts’ expectations of $1.57 million.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. B. Riley Financial lowered shares of Anterix from a “buy” rating to a “neutral” rating and upped their target price for the company from $44.00 to $69.00 in a report on Thursday, June 4th. Weiss Ratings upgraded shares of Anterix from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $59.50.

Hedge Funds Weigh In On Anterix

A number of large investors have recently bought and sold shares of the stock. Parallel Advisors LLC boosted its holdings in shares of Anterix by 63.7% in the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after purchasing an additional 363 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock valued at $42,000 after buying an additional 1,233 shares during the period. Fifth Third Bancorp acquired a new stake in shares of Anterix during the 1st quarter worth $64,000. BNP Paribas Financial Markets increased its holdings in shares of Anterix by 119.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock worth $62,000 after buying an additional 1,308 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Anterix in the 3rd quarter worth $57,000. Hedge funds and other institutional investors own 87.67% of the company’s stock.

Anterix Stock Up 8.5%

The stock has a fifty day moving average of $51.93 and a two-hundred day moving average of $36.51. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 16.16 and a beta of 0.95.

About Anterix

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.