Anterix (NASDAQ:ATEX) Shares Up 7.6% – Here’s Why

Anterix Inc. (NASDAQ:ATEX) shares traded up 7.6% on Monday. The company traded as high as $79.71 and last traded at $80.6280. 63,914 shares traded hands during trading, a decline of 83% from the average session volume of 373,018 shares. The stock had previously closed at $74.90.

Wall Street Analyst Weigh In

A number of analysts have commented on ATEX shares. Clear Str raised shares of Anterix to a “strong-buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. dropped their price objective on Anterix from $133.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 2nd. Wall Street Zen lowered Anterix from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, DA Davidson set a $161.00 target price on Anterix in a research note on Friday, August 21st. One equities 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $120.00.

Anterix Trading Up 7.7%

The company’s 50-day simple moving average is $83.83 and its 200 day simple moving average is $77.62. The stock has a market cap of $1.58 billion, a P/E ratio of 23.02 and a beta of 0.89.

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

Insiders Place Their Bets

In other news, CEO Scott A. Lang sold 15,000 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $80.00, for a total transaction of $1,200,000.00. Following the transaction, the chief executive officer directly owned 26,470 shares in the company, valued at approximately $2,117,600. This represents a 36.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher Guttman-Mccabe sold 23,439 shares of Anterix stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $92.36, for a total transaction of $2,164,826.04. Following the transaction, the insider directly owned 44,876 shares in the company, valued at $4,144,747.36. This trade represents a 34.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 124,841 shares of company stock worth $10,975,765. 40.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its stake in shares of Anterix by 17.2% in the 1st quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock worth $6,408,000 after acquiring an additional 24,657 shares in the last quarter. Wellington Management Group LLP bought a new stake in Anterix during the second quarter worth about $3,192,000. Bank of New York Mellon Corp purchased a new stake in Anterix in the second quarter worth about $7,141,000. BlackRock Inc. purchased a new stake in Anterix in the second quarter worth about $110,672,000. Finally, Deutsche Bank AG bought a new position in shares of Anterix during the second quarter valued at approximately $1,610,000. Institutional investors own 87.67% of the company’s stock.

Anterix Company Profile

Anterix Inc (NASDAQ: ATEX) develops and provides private wireless broadband solutions for critical infrastructure industries. The company’s primary focus is enabling electric, gas, water and other utilities to deploy secure, resilient communications networks that support operational technology, grid modernization and other mission-critical applications.

Anterix primarily uses its licensed 900 MHz spectrum holdings to support private broadband networks. Its offerings include spectrum access and related wireless communications solutions designed to help utilities connect field equipment, sensors, control systems and mobile workforces.