Anterix (NASDAQ:ATEX) Issues Quarterly Earnings Results, Beats Expectations By $0.22 EPS

Anterix (NASDAQ:ATEX) announced its quarterly earnings results on Wednesday. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.22, FiscalAI reports. Anterix had a negative return on equity of 14.95% and a net margin of 1,614.08%.The business had revenue of $1.57 million for the quarter, compared to analyst estimates of $1.47 million.

Anterix Trading Up 3.1%

Anterix stock traded up $0.88 on Wednesday, hitting $29.70. 454,874 shares of the stock traded hands, compared to its average volume of 350,624. The business’s fifty day simple moving average is $23.54 and its 200 day simple moving average is $22.05. The firm has a market cap of $555.98 million, a P/E ratio of 5.81 and a beta of 0.86. Anterix has a 1 year low of $17.58 and a 1 year high of $42.91.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ATEX. Weiss Ratings reissued a “sell (d+)” rating on shares of Anterix in a research note on Wednesday, January 21st. Zacks Research downgraded Anterix from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. Finally, JPMorgan Chase & Co. cut their price objective on Anterix from $67.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, October 17th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Anterix presently has an average rating of “Hold” and a consensus price target of $50.00.

Insider Buying and Selling at Anterix

In related news, insider Gena L. Ashe sold 6,564 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $21.07, for a total value of $138,303.48. Following the completion of the transaction, the insider directly owned 13,366 shares in the company, valued at $281,621.62. The trade was a 32.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott A. Lang acquired 2,450 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was acquired at an average cost of $20.41 per share, for a total transaction of $50,004.50. Following the completion of the transaction, the chief executive officer directly owned 7,100 shares in the company, valued at $144,911. This represents a 52.69% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 45.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On Anterix

Several hedge funds and other institutional investors have recently made changes to their positions in ATEX. Proficio Capital Partners LLC purchased a new stake in shares of Anterix during the 3rd quarter worth approximately $587,000. Virtus Advisers LLC bought a new stake in Anterix in the third quarter worth $75,000. Alliancebernstein L.P. raised its stake in Anterix by 16.8% during the third quarter. Alliancebernstein L.P. now owns 13,230 shares of the company’s stock valued at $284,000 after purchasing an additional 1,900 shares in the last quarter. Creative Planning bought a new position in Anterix during the third quarter valued at $938,000. Finally, Sandia Investment Management LP purchased a new position in shares of Anterix in the 3rd quarter worth $587,000. Hedge funds and other institutional investors 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.