Anterix (NASDAQ:ATEX) Shares Down 7.7% – Here’s Why

Anterix Inc. (NASDAQ:ATEX) shares fell 7.7% on Wednesday . The company traded as low as $97.33 and last traded at $98.12. Approximately 133,362 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 397,192 shares. The stock had previously closed at $106.35.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ATEX shares. Wall Street Zen upgraded shares of Anterix from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. B. Riley Financial cut shares of Anterix from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $44.00 to $69.00 in a research note on Thursday, June 4th. Clear Str upgraded shares of Anterix to a “strong-buy” rating in a report on Monday, July 27th. JPMorgan Chase & Co. upped their price target on shares of Anterix from $50.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Finally, Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.00.

Anterix Trading Down 2.0%

The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 20.31 and a beta of 0.85. The firm’s 50-day moving average is $89.38 and its 200 day moving average is $57.51.

Insider Activity at Anterix

In related news, Director Mark Fleischhauer sold 3,500 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $79.83, for a total value of $279,405.00. Following the sale, the director owned 12,769 shares of the company’s stock, valued at $1,019,349.27. The trade was a 21.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mahvash Yazdi sold 7,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $80.00, for a total value of $560,000.00. Following the completion of the sale, the director owned 19,407 shares of the company’s stock, valued at $1,552,560. The trade was a 26.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 124,109 shares of company stock valued at $10,174,158 in the last quarter. Insiders own 40.05% of the company’s stock.

Hedge Funds Weigh In On Anterix

A number of hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC boosted its holdings in Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after acquiring an additional 363 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares during the last quarter. Quantbot Technologies LP bought a new position in Anterix during the 3rd quarter worth approximately $57,000. BNP Paribas Financial Markets raised its holdings in Anterix by 119.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock worth $62,000 after purchasing an additional 1,308 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in shares of Anterix in the 1st quarter worth approximately $64,000. 87.67% of the stock is currently 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.