Anterix (NASDAQ:ATEX) Given New $130.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan cut Anterix’s price target to $130 from $133 while maintaining an “overweight” rating, implying roughly 39.6% upside from the reported $93.14 share price.
• Anterix shares rose 4.9% to $93.14, while the company’s latest quarterly results exceeded expectations with EPS of $0.01 versus the consensus estimate of a $0.43 loss; revenue was $1.96 million.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus rating and an average price target of $99.50, although insiders sold more than 124,000 shares worth approximately $10.2 million over the past three months.

Anterix (NASDAQ:ATEX - Get Free Report) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $133.00 to $130.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 39.57% from the stock's current price.

Several other research firms have also recently weighed in on ATEX. Wall Street Zen raised Anterix from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Clear Str upgraded Anterix to a "strong-buy" rating in a research note on Monday, July 27th. Weiss Ratings raised Anterix from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 26th. Finally, B. Riley Financial downgraded Anterix from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. One 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 stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $99.50.

Anterix Trading Up 4.9%

ATEX traded up $4.34 during trading on Thursday, hitting $93.14. The stock had a trading volume of 77,636 shares, compared to its average volume of 398,576. The firm has a market cap of $1.82 billion, a PE ratio of 26.56 and a beta of 0.85. Anterix has a 12 month low of $17.58 and a 12 month high of $113.00. The company has a 50 day simple moving average of $91.59 and a 200-day simple moving average of $59.45.

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

Insider Buying and Selling

In other news, Director Mark Fleischhauer sold 3,500 shares of Anterix stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $79.83, for a total transaction of $279,405.00. Following the sale, the director owned 12,769 shares of the company's stock, valued at approximately $1,019,349.27. This trade represents a 21.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the business's stock in a transaction that occurred on 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 sale, the insider owned 77,807 shares in the company, valued at approximately $6,415,965.22. This represents a 54.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 124,109 shares of company stock worth $10,174,158. 40.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Anterix

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Anterix during the 2nd quarter valued at about $110,672,000. Jefferies Financial Group Inc. bought a new stake in Anterix in the fourth quarter valued at about $9,922,000. Millennium Management LLC raised its position in Anterix by 1,153.1% in the fourth quarter. Millennium Management LLC now owns 439,946 shares of the company's stock worth $9,604,000 after purchasing an additional 404,838 shares in the last quarter. Beartown Capital Management LLC acquired a new position in Anterix in the fourth quarter worth about $3,165,000. Finally, Gamco Investors INC. ET AL lifted its stake in Anterix by 32.0% during the fourth quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company's stock worth $9,223,000 after purchasing 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.

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