Anterix (NASDAQ:ATEX) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Anterix (NASDAQ:ATEX) from a hold rating to a sell rating in a research note released on Saturday morning.

A number of other brokerages also recently issued reports on ATEX. Clear Str upgraded shares of Anterix to a “strong-buy” rating in a report on Monday, July 27th. JPMorgan Chase & Co. decreased their price objective on shares of Anterix from $133.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 26th. Finally, B. Riley Financial lowered shares of Anterix from a “buy” rating to a “neutral” rating and upped their target price for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.50.

Anterix Price Performance

Shares of ATEX stock opened at $91.57 on Friday. The business’s fifty day moving average price is $93.07 and its 200 day moving average price is $60.87. Anterix has a 1-year low of $17.58 and a 1-year high of $113.00. The firm has a market capitalization of $1.80 billion, a PE ratio of 26.16 and a beta of 0.85.

Anterix (NASDAQ:ATEX) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.44. The firm had revenue of $1.96 million during the quarter, compared to analysts’ expectations of $2.00 million. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%. Equities research analysts expect that Anterix will post -2.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Mahvash Yazdi sold 7,000 shares of the firm’s 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 completion of the transaction, the director owned 19,407 shares in the company, valued at $1,552,560. This trade represents a 26.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Elena Marquez sold 4,291 shares of Anterix stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $79.50, for a total value of $341,134.50. Following the transaction, the chief financial officer directly owned 18,387 shares of the company’s stock, valued at $1,461,766.50. This trade represents a 18.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 124,109 shares of company stock valued at $10,174,158 in the last three months. 40.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Anterix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its holdings in shares of Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after purchasing an additional 363 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares in the last quarter. Fifth Third Bancorp purchased a new position in shares of Anterix during the 1st quarter worth approximately $64,000. Legal & General Group Plc acquired a new position in shares of Anterix during the 2nd quarter worth approximately $222,000. Finally, Ieq Capital LLC acquired a new position in shares of Anterix during the 2nd quarter worth approximately $226,000. Institutional investors and hedge funds 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.