Anterix (NASDAQ:ATEX) Stock Price Up 15% – Here’s Why

Anterix Inc. (NASDAQ:ATEX) was up 15% on Tuesday . The company traded as high as $26.47 and last traded at $27.0350. Approximately 539,108 shares were traded during trading, an increase of 151% from the average daily volume of 214,462 shares. The stock had previously closed at $23.50.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ATEX shares. JPMorgan Chase & Co. cut their price objective on Anterix from $67.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Anterix in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded Anterix from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.00.

Anterix Price Performance

The company’s 50-day moving average price is $22.05 and its two-hundred day moving average price is $21.69. The company has a market capitalization of $485.41 million, a price-to-earnings ratio of 5.07 and a beta of 0.86.

Anterix (NASDAQ:ATEX) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.51. The firm had revenue of $1.55 million during the quarter, compared to analyst estimates of $1.43 million. Anterix had a negative return on equity of 14.95% and a net margin of 1,614.08%. On average, equities research analysts expect that Anterix Inc. will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Anterix news, insider Gena L. Ashe sold 6,564 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $21.07, for a total value of $138,303.48. Following the transaction, the insider directly owned 13,366 shares of the company’s stock, valued at approximately $281,621.62. The trade was a 32.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott A. Lang purchased 1,160 shares of the business’s 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 completion of the acquisition, the chief executive officer directly owned 8,260 shares in the company, valued at approximately $178,498.60. This represents a 16.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 45.61% of the company’s stock.

Institutional Investors Weigh In On Anterix

Several hedge funds and other institutional investors have recently bought and sold shares of ATEX. AYAL Capital Advisors Ltd increased its holdings in shares of Anterix by 143.4% during the second quarter. AYAL Capital Advisors Ltd now owns 240,171 shares of the company’s stock valued at $6,160,000 after acquiring an additional 141,500 shares in the last quarter. Gamco Investors INC. ET AL grew its position in Anterix by 35.0% in the 2nd quarter. Gamco Investors INC. ET AL now owns 273,425 shares of the company’s stock valued at $7,013,000 after purchasing an additional 70,855 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Anterix during the 2nd quarter valued at $1,588,000. Geode Capital Management LLC raised its holdings in Anterix by 8.7% during the second quarter. Geode Capital Management LLC now owns 383,557 shares of the company’s stock worth $9,840,000 after buying an additional 30,575 shares during the last quarter. Finally, Gabelli Funds LLC lifted its stake in shares of Anterix by 29.4% in the second quarter. Gabelli Funds LLC now owns 188,152 shares of the company’s stock valued at $4,826,000 after buying an additional 42,752 shares in the last quarter. 87.67% of the stock is owned by institutional investors.

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.