Anterix (NASDAQ:ATEX) Stock Price Down 7.7% – Here’s What Happened

Shares of Anterix Inc. (NASDAQ:ATEX) fell 7.7% on Wednesday . The company traded as low as $97.33 and last traded at $98.12. 133,362 shares were traded during mid-day trading, a decline of 66% from the average session volume of 397,192 shares. The stock had previously closed at $106.35.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ATEX shares. JPMorgan Chase & Co. upped their target price on shares of Anterix from $50.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Clear Str raised shares of Anterix to a “strong-buy” rating in a research note on Monday, July 27th. Weiss Ratings upgraded shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 26th. B. Riley Financial lowered shares of Anterix from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. Finally, Wall Street Zen raised shares of Anterix from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $101.00.

Anterix Stock Down 8.2%

The stock has a market cap of $1.90 billion, a PE ratio of 20.17 and a beta of 0.85. The stock has a 50-day moving average of $87.96 and a 200 day moving average of $56.45.

Insiders Place Their Bets

In other news, CFO Elena Marquez sold 4,291 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $79.50, for a total transaction of $341,134.50. Following the transaction, the chief financial officer owned 18,387 shares of the company’s stock, valued at approximately $1,461,766.50. The trade was a 18.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider directly owned 77,807 shares of the company’s stock, valued at $6,415,965.22. This represents a 54.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 124,109 shares of company stock worth $10,174,158. 40.05% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Anterix

Institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC grew its stake 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 buying an additional 363 shares during the period. Bank of America Corp DE raised its position in shares of Anterix by 17.2% during the 1st quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock valued at $6,408,000 after buying an additional 24,657 shares during the period. Royal Bank of Canada raised its position in shares of Anterix by 151.2% during the 1st quarter. Royal Bank of Canada now owns 3,034 shares of the company’s stock valued at $116,000 after buying an additional 1,826 shares during the period. Quantinno Capital Management LP raised its position in shares of Anterix by 64.6% during the 1st quarter. Quantinno Capital Management LP now owns 15,619 shares of the company’s stock valued at $596,000 after buying an additional 6,132 shares during the period. Finally, Gamco Investors INC. ET AL lifted its holdings in Anterix by 0.8% in the first quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock valued at $16,262,000 after acquiring an additional 3,350 shares during the last quarter. 87.67% of the stock is owned by hedge funds and other institutional investors.

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.