Anterix (NASDAQ:ATEX) Stock Price Up 5.2% – What’s Next?

Anterix Inc. (NASDAQ:ATEX) shares traded up 5.2% during mid-day trading on Tuesday . The company traded as high as $33.71 and last traded at $33.5640. 111,015 shares traded hands during trading, a decline of 69% from the average session volume of 356,839 shares. The stock had previously closed at $31.89.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ATEX shares. Weiss Ratings upgraded shares of Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, February 11th. Zacks Research lowered shares of Anterix from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $50.00.

Anterix Stock Up 4.7%

The business’s 50 day moving average is $24.84 and its 200 day moving average is $22.45. The company has a market cap of $645.06 million, a P/E ratio of 7.92 and a beta of 0.86.

Anterix (NASDAQ:ATEX) last announced its quarterly earnings results on Wednesday, February 11th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.22. The business had revenue of $1.57 million for the quarter, compared to the consensus estimate of $1.47 million. Anterix had a negative return on equity of 12.26% and a net margin of 1,370.92%. As a group, equities research analysts forecast that Anterix Inc. will post -1.53 EPS for the current year.

Insider Activity at Anterix

In other news, CEO Scott A. Lang acquired 1,160 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were purchased at an average price of $21.61 per share, with a total value of $25,067.60. Following the transaction, the chief executive officer directly owned 8,260 shares in the company, valued at approximately $178,498.60. This represents a 16.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 45.61% of the company’s stock.

Hedge Funds Weigh In On Anterix

A number of large investors have recently made changes to their positions in the business. Jefferies Financial Group Inc. acquired a new stake in shares of Anterix in the 4th quarter worth $9,922,000. Millennium Management LLC boosted its holdings in Anterix by 1,153.1% in the fourth quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock worth $9,604,000 after acquiring an additional 404,838 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Anterix by 32.0% during the fourth quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company’s stock worth $9,223,000 after acquiring an additional 102,400 shares during the last quarter. Garnet Equity Capital Holdings Inc. increased its holdings in shares of Anterix by 2.6% during the second quarter. Garnet Equity Capital Holdings Inc. now owns 397,395 shares of the company’s stock valued at $10,193,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Anterix by 8.7% in the 2nd quarter. Geode Capital Management LLC now owns 383,557 shares of the company’s stock valued at $9,840,000 after purchasing an additional 30,575 shares during the last quarter. 87.67% of the stock is owned by institutional investors and hedge funds.

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.