JPMorgan Chase & Co. Cuts Anterix (NASDAQ:ATEX) Price Target to $130.00

Anterix (NASDAQ:ATEX) had its price target lowered by stock analysts at JPMorgan Chase & Co. from $133.00 to $130.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 39.57% from the company’s previous close.

Several other equities research analysts have also weighed in on ATEX. Clear Str raised shares of Anterix to a “strong-buy” rating in a report on Monday, July 27th. Wall Street Zen raised shares of Anterix from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. B. Riley Financial lowered shares of Anterix from a “buy” rating to a “neutral” rating and boosted their price target for the company from $44.00 to $69.00 in a research report on Thursday, June 4th. Finally, Weiss Ratings raised shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $99.50.

Anterix Stock Up 4.9%

NASDAQ:ATEX traded up $4.34 during trading hours on Thursday, reaching $93.14. The company had a trading volume of 77,636 shares, compared to its average volume of 398,576. The stock has a 50-day moving average of $91.59 and a two-hundred day moving average of $59.45. Anterix has a one year low of $17.58 and a one year high of $113.00. The firm has a market capitalization of $1.82 billion, a PE ratio of 26.56 and a beta of 0.85.

Anterix (NASDAQ:ATEX) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.44. The firm had revenue of $1.96 million during the quarter, compared to analyst estimates of $2.00 million. Anterix had a negative return on equity of 11.07% and a net margin of 933.03%. As a group, sell-side analysts expect that Anterix will post -2.07 earnings per share for the current year.

Insider Activity at Anterix

In other news, CFO Elena Marquez sold 4,291 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $79.50, for a total transaction of $341,134.50. Following the transaction, the chief financial officer owned 18,387 shares of the company’s stock, valued at $1,461,766.50. This represents a 18.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mahvash Yazdi sold 7,000 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 19,407 shares in the company, valued at approximately $1,552,560. This represents a 26.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 124,109 shares of company stock valued at $10,174,158 over the last quarter. 40.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ATEX. BlackRock Inc. bought a new position in shares of Anterix in the 2nd quarter valued at about $110,672,000. Jefferies Financial Group Inc. bought a new stake in shares of Anterix during the fourth quarter worth approximately $9,922,000. Millennium Management LLC raised its stake in shares of Anterix by 1,153.1% during the fourth 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 last quarter. Beartown Capital Management LLC acquired a new position in Anterix in the fourth quarter valued at approximately $3,165,000. Finally, Gamco Investors INC. ET AL lifted its holdings in Anterix by 32.0% in the fourth quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company’s stock valued at $9,223,000 after buying an additional 102,400 shares during the period. 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.