Anterix (NASDAQ:ATEX) Shares Gap Up – Still a Buy?

Anterix Inc. (NASDAQ:ATEX) gapped up prior to trading on Friday. The stock had previously closed at $76.44, but opened at $80.66. Anterix shares last traded at $81.80, with a volume of 80,671 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Anterix from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. DA Davidson set a $161.00 price target on shares of Anterix in a research note on Friday, August 21st. Clear Str raised Anterix to a “strong-buy” rating in a research report on Monday, July 27th. Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 2nd. Finally, JPMorgan Chase & Co. decreased their target price on Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Anterix presently has an average rating of “Moderate Buy” and an average price target of $120.00.

Anterix Stock Up 10.1%

The stock has a market cap of $1.65 billion, a PE ratio of 23.89 and a beta of 0.89. The firm has a fifty day moving average of $87.18 and a 200 day moving average of $74.42.

Anterix (NASDAQ:ATEX) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.44. The company had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.00 million. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%. On average, equities research analysts forecast that Anterix Inc. will post -2 EPS for the current fiscal year.

Insider Buying and Selling

In other Anterix news, Chairman Thomas Kuhn sold 10,000 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $88.85, for a total value of $888,500.00. Following the transaction, the chairman directly owned 17,731 shares in the company, valued at $1,575,399.35. This represents a 36.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director William Heard sold 46,400 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $90.11, for a total transaction of $4,181,104.00. Following the sale, the director owned 1,670,338 shares of the company’s stock, valued at $150,514,157.18. This represents a 2.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 119,860 shares of company stock valued at $10,575,143 over the last three months. 40.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Anterix

Hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in Anterix in the second quarter valued at $35,000. Parallel Advisors LLC grew its holdings in shares of Anterix by 63.7% during the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after buying an additional 363 shares during the last quarter. Fifth Third Bancorp purchased a new position in shares of Anterix during the first quarter worth about $64,000. Royal Bank of Canada increased its position in Anterix by 151.2% in the 1st quarter. Royal Bank of Canada now owns 3,034 shares of the company’s stock valued at $116,000 after acquiring an additional 1,826 shares during the period. Finally, Legal & General Group Plc acquired a new position in Anterix in the 2nd quarter valued at about $222,000. Hedge funds and other institutional investors own 87.67% of the company’s stock.

Anterix Company Profile

Anterix Inc (NASDAQ: ATEX) develops and enables private wireless broadband networks for critical infrastructure organizations in the United States. The company focuses on using its licensed 900 MHz spectrum to support secure, reliable communications for electric utilities and other organizations that require resilient connectivity for operational technology and field personnel.

Anterix provides spectrum access and related solutions designed to help utilities modernize communications networks, including support for grid management, outage response, remote monitoring, automation and other mission-critical applications.