Anterix (NASDAQ:ATEX) Reaches New 52-Week High – Should You Buy?

Anterix Inc. (NASDAQ:ATEX)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $88.21 and last traded at $86.99, with a volume of 440232 shares changing hands. The stock had previously closed at $81.00.

Analyst Ratings Changes

ATEX has been the topic of a number of research reports. Wall Street Zen upgraded Anterix from a “sell” rating to a “hold” rating in a report on Saturday. B. Riley Financial cut shares of Anterix from a “buy” rating to a “neutral” rating and lifted their target price for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. Finally, Weiss Ratings raised shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $59.50.

Anterix Stock Performance

The company has a market capitalization of $1.68 billion, a P/E ratio of 18.53 and a beta of 0.95. The company has a 50-day simple moving average of $61.80 and a 200 day simple moving average of $41.40.

Insider Buying and Selling at Anterix

In related news, insider Christopher Guttman-Mccabe sold 91,437 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $82.46, for a total transaction of $7,539,895.02. Following the transaction, the insider owned 77,807 shares of the company’s stock, valued at approximately $6,415,965.22. The trade was a 54.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mahvash Yazdi sold 7,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $80.00, for a total transaction of $560,000.00. Following the completion of the sale, the director directly owned 19,407 shares of the company’s stock, valued at approximately $1,552,560. This trade represents a 26.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 124,109 shares of company stock valued at $10,174,158 in the last three months. 45.61% of the stock is owned by insiders.

Institutional Investors Weigh In On Anterix

A number of institutional investors have recently added to or reduced their stakes in the company. Jefferies Financial Group Inc. acquired a new position in Anterix in the 4th quarter valued at approximately $9,922,000. Millennium Management LLC grew its holdings in shares of Anterix by 1,153.1% during the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock worth $9,604,000 after purchasing an additional 404,838 shares in the last quarter. Beartown Capital Management LLC bought a new stake in shares of Anterix during the fourth quarter valued at approximately $3,165,000. Gamco Investors INC. ET AL raised its stake in shares of Anterix by 32.0% in the fourth quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company’s stock valued at $9,223,000 after purchasing an additional 102,400 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Anterix by 30.8% in the first quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company’s stock valued at $16,223,000 after purchasing an additional 99,933 shares in the last quarter. 87.67% of the stock is owned by institutional investors and hedge funds.

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.