Anterix (NASDAQ:ATEX) Stock Price Down 9.5% – Here’s Why

Anterix Inc. (NASDAQ:ATEX)’s share price dropped 9.5% during mid-day trading on Wednesday . The company traded as low as $79.91 and last traded at $84.0820. 87,657 shares traded hands during trading, a decline of 78% from the average session volume of 395,213 shares. The stock had previously closed at $92.94.

Wall Street Analysts Forecast Growth

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

Anterix Price Performance

The firm has a market cap of $1.70 billion, a P/E ratio of 18.02 and a beta of 0.85. The firm’s 50 day moving average is $91.16 and its 200 day moving average is $58.99.

Anterix (NASDAQ:ATEX) last announced its earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44. Anterix had a net margin of 1,394.17% and a negative return on equity of 11.23%. The business had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.00 million. As a group, analysts expect that Anterix Inc. will post -2.07 EPS for the current year.

Insiders Place Their Bets

In other news, Director Mahvash Yazdi sold 7,000 shares of the stock in a transaction 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 approximately $1,552,560. This represents a 26.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark Fleischhauer sold 3,500 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $79.83, for a total value of $279,405.00. Following the transaction, the director owned 12,769 shares of the company’s stock, valued at $1,019,349.27. The trade was a 21.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 124,109 shares of company stock valued at $10,174,158. Company insiders own 40.05% of the company’s stock.

Institutional Investors Weigh In On Anterix

A number of institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its holdings in Anterix by 16.9% in the 1st quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock worth $420,000 after acquiring an additional 1,659 shares during the last quarter. Millennium Management LLC boosted its stake in Anterix by 50.6% during the 1st quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock valued at $4,263,000 after purchasing an additional 39,143 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of 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 increased its holdings in shares of 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 raised its stake in shares of Anterix by 70.9% in the second quarter. Rhumbline Advisers now owns 27,998 shares of the company’s stock worth $718,000 after purchasing an additional 11,615 shares during the last quarter. Hedge funds and other 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.