Anterix (NASDAQ:ATEX) Trading 4.8% Higher – Here’s Why

Anterix Inc. (NASDAQ:ATEX)’s stock price was up 4.8% during trading on Monday . The company traded as high as $101.61 and last traded at $105.7590. 21,624 shares changed hands during trading, a decline of 95% from the average daily volume of 404,961 shares. The stock had previously closed at $100.96.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. B. Riley Financial lowered Anterix from a “buy” rating to a “neutral” rating and upped their price target for the company from $44.00 to $69.00 in a research report on Thursday, June 4th. Weiss Ratings raised Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. Finally, Wall Street Zen upgraded Anterix from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Anterix presently has an average rating of “Hold” and an average target price of $59.50.

Anterix Stock Up 3.0%

The firm has a market cap of $2.03 billion, a P/E ratio of 21.53 and a beta of 0.83. The business has a fifty day simple moving average of $73.71 and a 200-day simple moving average of $47.33.

Insider Buying and Selling

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

Institutional Investors Weigh In On Anterix

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