Anterix (NASDAQ:ATEX) Releases Earnings Results, Beats Estimates By $0.44 EPS

Anterix (NASDAQ:ATEX) announced its quarterly earnings data on Tuesday. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44, FiscalAI reports. Anterix had a negative return on equity of 11.23% and a net margin of 1,394.17%.The business had revenue of $1.96 million for the quarter, compared to analyst estimates of $2.00 million.

Anterix Stock Performance

NASDAQ ATEX traded down $6.13 during mid-day trading on Wednesday, reaching $86.81. 344,194 shares of the stock were exchanged, compared to its average volume of 396,794. The company has a market capitalization of $1.69 billion, a P/E ratio of 17.94 and a beta of 0.85. The business’s 50 day moving average is $91.16 and its 200-day moving average is $58.99. Anterix has a 1 year low of $17.58 and a 1 year high of $113.00.

Analyst Ratings Changes

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

Insider Buying and Selling

In other news, insider Gena L. Ashe sold 17,711 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 9,531 shares in the company, valued at $774,965.61. This trade represents a 65.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of Anterix stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $82.46, for a total value of $7,539,895.02. Following the completion of the transaction, the insider owned 77,807 shares of the company’s stock, valued at approximately $6,415,965.22. This represents a 54.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 124,109 shares of company stock valued at $10,174,158 in the last ninety days. Company insiders own 40.05% of the company’s stock.

Hedge Funds Weigh In On Anterix

A number of hedge funds have recently bought and sold shares of ATEX. Millennium Management LLC raised its stake in shares of Anterix by 1,153.1% during the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock worth $9,604,000 after buying an additional 404,838 shares during the period. State Street Corp increased its holdings in Anterix by 5.4% in the 4th quarter. State Street Corp now owns 333,788 shares of the company’s stock worth $7,287,000 after acquiring an additional 17,017 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Anterix by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 324,923 shares of the company’s stock valued at $7,093,000 after purchasing an additional 13,633 shares in the last quarter. Marshall Wace LLP lifted its holdings in Anterix by 1.6% during the fourth quarter. Marshall Wace LLP now owns 291,255 shares of the company’s stock valued at $6,358,000 after purchasing an additional 4,674 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Anterix by 25.2% in the second quarter. Bank of America Corp DE now owns 208,445 shares of the company’s stock valued at $5,347,000 after purchasing an additional 42,018 shares during the period. Hedge funds and other institutional investors own 87.67% of the company’s stock.

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.