Anterix (NASDAQ:ATEX) Trading Down 8.6% Following Insider Selling

Anterix Inc. (NASDAQ:ATEX)’s share price dropped 8.6% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $72.72 and last traded at $72.3160. Approximately 87,917 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 384,067 shares. The stock had previously closed at $79.16.

Specifically, Director Mahvash Yazdi sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $80.00, for a total value of $560,000.00. Following the transaction, the director directly owned 19,407 shares in the company, valued at $1,552,560. The trade was a 26.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Fleischhauer sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $79.83, for a total transaction of $279,405.00. Following the sale, the director directly owned 12,769 shares of the company’s stock, valued at approximately $1,019,349.27. The trade was a 21.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In other news, insider Gena L. Ashe sold 17,711 shares of Anterix stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.31, for a total value of $1,440,081.41. Following the completion of the transaction, the insider owned 9,531 shares in the company, valued at approximately $774,965.61. The trade was a 65.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

A number of equities research analysts recently commented on ATEX shares. B. Riley Financial lowered Anterix from a “buy” rating to a “neutral” rating and increased their price target for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. Weiss Ratings raised Anterix from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Anterix presently has a consensus rating of “Hold” and a consensus target price of $59.50.

Anterix Price Performance

The stock’s 50 day simple moving average is $56.03 and its two-hundred day simple moving average is $38.64. The company has a market capitalization of $1.34 billion, a P/E ratio of 14.78 and a beta of 0.95.

Institutional Trading of Anterix

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jefferies Financial Group Inc. bought a new position in Anterix in the 4th quarter worth approximately $9,922,000. Millennium Management LLC boosted its position in Anterix by 1,153.1% in the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock valued at $9,604,000 after buying an additional 404,838 shares during the last quarter. Beartown Capital Management LLC bought a new position in Anterix in the 4th quarter valued at $3,165,000. Gamco Investors INC. ET AL increased its stake in shares of Anterix by 32.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company’s stock valued at $9,223,000 after buying an additional 102,400 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Anterix by 30.8% during the first quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company’s stock worth $16,223,000 after acquiring an additional 99,933 shares during the last quarter. Institutional investors and hedge funds own 87.67% of the company’s stock.

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.