Anterix (NASDAQ:ATEX) Sees Large Volume Increase – Still a Buy?

Anterix Inc. (NASDAQ:ATEX) saw strong trading volume on Thursday . 665,750 shares traded hands during mid-day trading, an increase of 68% from the previous session’s volume of 395,272 shares.The stock last traded at $36.3950 and had previously closed at $32.88.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Weiss Ratings raised Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, February 11th. Zacks Research cut Anterix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.00.

Anterix Stock Up 8.4%

The stock has a market cap of $667.35 million, a PE ratio of 8.19 and a beta of 0.86. The stock’s fifty day moving average price is $24.84 and its 200 day moving average price is $22.45.

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

Insider Buying and Selling

In related news, CEO Scott A. Lang bought 1,160 shares of the stock in a transaction on Thursday, December 18th. The shares were acquired at an average price of $21.61 per share, for a total transaction of $25,067.60. Following the purchase, the chief executive officer owned 8,260 shares of the company’s stock, valued at approximately $178,498.60. The trade was a 16.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 45.61% of the company’s stock.

Hedge Funds Weigh In On Anterix

Several institutional investors have recently made changes to their positions in the business. Beartown Capital Management LLC bought a new stake in Anterix during the fourth quarter valued at approximately $3,165,000. XTX Topco Ltd purchased a new stake in shares of Anterix in the 4th quarter worth $311,000. Toronto Dominion Bank bought a new position in Anterix in the 4th quarter worth $94,000. Millennium Management LLC lifted its position in Anterix by 1,153.1% during the fourth quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock valued at $9,604,000 after purchasing an additional 404,838 shares in the last quarter. Finally, Man Group plc grew its holdings in Anterix by 32.3% during the fourth quarter. Man Group plc now owns 100,145 shares of the company’s stock valued at $2,186,000 after purchasing an additional 24,431 shares during the period. 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.