Anterix (NASDAQ:ATEX) Shares Down 11% – Here’s Why

Anterix Inc. (NASDAQ:ATEX) was down 11% during trading on Thursday . The stock traded as low as $94.48 and last traded at $93.78. Approximately 192,539 shares traded hands during trading, a decline of 52% from the average daily volume of 404,968 shares. The stock had previously closed at $105.34.

Analysts Set New Price Targets

ATEX has been the topic of a number of research reports. B. Riley Financial downgraded shares of Anterix from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $44.00 to $69.00 in a report on Thursday, June 4th. Wall Street Zen upgraded shares of Anterix from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Weiss Ratings upgraded shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $59.50.

Anterix Price Performance

The business has a 50-day simple moving average of $78.69 and a 200 day simple moving average of $49.93. The firm has a market cap of $1.96 billion, a PE ratio of 20.73 and a beta of 0.83.

Insider Activity at Anterix

In other Anterix news, CFO Elena Marquez sold 4,291 shares of Anterix stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $79.50, for a total transaction of $341,134.50. Following the transaction, the chief financial officer owned 18,387 shares of the company’s stock, valued at $1,461,766.50. The trade was a 18.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gena L. Ashe sold 17,711 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.31, for a total transaction of $1,440,081.41. Following the completion of the sale, the insider directly owned 9,531 shares of the company’s stock, valued at approximately $774,965.61. This trade represents a 65.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 124,109 shares of company stock worth $10,174,158 in the last 90 days. Insiders own 40.05% of the company’s stock.

Hedge Funds Weigh In On Anterix

Several large investors have recently made changes to their positions in ATEX. Parallel Advisors LLC boosted its stake in shares of Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after acquiring an additional 363 shares during the period. Bank of America Corp DE raised its stake in Anterix by 17.2% during the 1st quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock valued at $6,408,000 after purchasing an additional 24,657 shares during the period. Royal Bank of Canada raised its stake in Anterix by 151.2% during the 1st quarter. Royal Bank of Canada now owns 3,034 shares of the company’s stock valued at $116,000 after purchasing an additional 1,826 shares during the period. Quantinno Capital Management LP lifted its holdings in Anterix by 64.6% in the 1st quarter. Quantinno Capital Management LP now owns 15,619 shares of the company’s stock worth $596,000 after purchasing an additional 6,132 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its holdings in Anterix by 0.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock worth $16,262,000 after purchasing an additional 3,350 shares in the last quarter. 87.67% of the stock is currently owned by hedge funds and other institutional investors.

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.