Anterix (NASDAQ:ATEX) Sees Unusually-High Trading Volume – Here’s Why

Shares of Anterix Inc. (NASDAQ:ATEX) saw strong trading volume on Thursday . 665,750 shares were traded during mid-day trading, an increase of 68% from the previous session’s volume of 395,272 shares.The stock last traded at $36.3950 and had previously closed at $32.88.

Analysts Set New Price Targets

A number of research firms have commented on ATEX. Zacks Research cut shares of Anterix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Weiss Ratings upgraded shares of Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $50.00.

Anterix Stock Up 8.4%

The company has a market capitalization of $667.35 million, a PE ratio of 8.19 and a beta of 0.86. The company’s 50 day moving average is $24.84 and its two-hundred day moving average is $22.45.

Anterix (NASDAQ:ATEX) last announced its quarterly earnings results on Wednesday, February 11th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.57) by $0.22. Anterix had a net margin of 1,370.92% and a negative return on equity of 12.26%. The business had revenue of $1.57 million for the quarter, compared to analysts’ expectations of $1.47 million. Analysts forecast that Anterix Inc. will post -1.53 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Scott A. Lang acquired 2,450 shares of Anterix stock in a transaction on Monday, December 8th. The shares were acquired at an average price of $20.41 per share, with a total value of $50,004.50. Following the purchase, the chief executive officer directly owned 7,100 shares in the company, valued at $144,911. The trade was a 52.69% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 45.61% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Anterix

Large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its stake in shares of Anterix by 299.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after buying an additional 1,233 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in Anterix in the second quarter worth about $48,000. BNP Paribas Financial Markets increased its stake in Anterix by 119.3% during the second quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock worth $62,000 after acquiring an additional 1,308 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Anterix during the third quarter valued at approximately $57,000. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Anterix by 52.2% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,069 shares of the company’s stock valued at $79,000 after purchasing an additional 1,052 shares during the last quarter. Institutional investors 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.