Anterix (NASDAQ:ATEX) Posts Earnings Results, Beats Expectations By $0.44 EPS

Anterix (NASDAQ:ATEX) posted its earnings results on Tuesday. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.44, FiscalAI reports. The firm had revenue of $1.96 million for the quarter, compared to analysts’ expectations of $2.00 million. Anterix had a negative return on equity of 11.23% and a net margin of 1,394.17%.

Anterix Price Performance

NASDAQ ATEX traded up $0.15 during trading hours on Tuesday, reaching $92.94. 540,641 shares of the company’s stock traded hands, compared to its average volume of 397,566. Anterix has a 52-week low of $17.58 and a 52-week high of $113.00. The firm has a 50-day simple moving average of $90.63 and a 200 day simple moving average of $58.51. The firm has a market cap of $1.81 billion, a PE ratio of 19.20 and a beta of 0.85.

Insiders Place Their Bets

In other news, Director Mahvash Yazdi sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $80.00, for a total value of $560,000.00. Following the sale, the director directly owned 19,407 shares of the company’s stock, valued at $1,552,560. The trade was a 26.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $82.46, for a total value of $7,539,895.02. Following the completion of the sale, the insider owned 77,807 shares in the company, valued at $6,415,965.22. The trade was a 54.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 124,109 shares of company stock valued at $10,174,158. Insiders own 40.05% of the company’s stock.

Institutional Investors Weigh In On Anterix

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its holdings in shares of Anterix by 16.9% during the first quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock valued at $420,000 after acquiring an additional 1,659 shares in the last quarter. Millennium Management LLC raised its position in shares of Anterix by 50.6% in the 1st quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock worth $4,263,000 after purchasing an additional 39,143 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Anterix by 17.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company’s stock worth $4,564,000 after purchasing an additional 18,771 shares in the last quarter. Legal & General Group Plc boosted its stake in Anterix by 19.7% in the 2nd quarter. Legal & General Group Plc now owns 11,303 shares of the company’s stock worth $290,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Anterix by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 27,998 shares of the company’s stock worth $718,000 after purchasing an additional 11,615 shares in the last quarter. 87.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

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.