Anterix (NASDAQ:ATEX) Shares Down 8.6% – Time to Sell?

Anterix Inc. (NASDAQ:ATEX)’s share price was down 8.6% on Thursday . The stock traded as low as $37.50 and last traded at $37.91. Approximately 419,859 shares traded hands during trading, an increase of 14% from the average daily volume of 368,107 shares. The stock had previously closed at $41.49.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ATEX shares. Weiss Ratings raised shares of Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, March 11th. Zacks Research downgraded shares of Anterix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Anterix has a consensus rating of “Hold” and a consensus price target of $50.00.

Anterix Stock Down 8.6%

The company has a market cap of $710.62 million, a P/E ratio of 8.73 and a beta of 0.70. The business’s 50 day moving average is $35.51 and its 200 day moving average is $26.43.

Anterix (NASDAQ:ATEX) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.22. The company had revenue of $1.57 million during the quarter, compared to the consensus estimate of $1.47 million. Anterix had a net margin of 1,370.92% and a negative return on equity of 12.26%. As a group, equities research analysts forecast that Anterix Inc. will post -1.53 EPS for the current year.

Hedge Funds Weigh In On Anterix

A number of large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in Anterix by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 138,677 shares of the company’s stock worth $3,027,000 after buying an additional 599 shares in the last quarter. AlphaQuest LLC raised its stake in Anterix by 12.9% in the third quarter. AlphaQuest LLC now owns 5,435 shares of the company’s stock worth $117,000 after buying an additional 619 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Anterix by 12.4% in the second quarter. Russell Investments Group Ltd. now owns 5,760 shares of the company’s stock worth $148,000 after buying an additional 637 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Anterix by 17.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,084 shares of the company’s stock worth $182,000 after purchasing an additional 1,029 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Anterix by 299.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares in the last quarter. Institutional investors own 87.67% of the company’s stock.

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.