Anterix (NASDAQ:ATEX) Reaches New 52-Week High - Here's Why

Key Points

• New 52-week high: Shares of Anterix reached a new 52-week high of $44.05 (last $43.83) and are trading up about 2.6%, with a market cap of $818.6M and a P/E of 10.05.
• Analyst sentiment: The consensus rating is "Hold" with an average target price of $50.00 after mixed analyst moves (Zacks downgraded to Hold, Weiss moved from Sell to Hold; one Buy, two Holds).
• Fundamentals and ownership: Anterix beat quarterly EPS estimates (‑$0.35 vs. est. ‑$0.57) and revenue of $1.57M, while institutional ownership is high (87.7%) as major funds increased positions; the company provides licensed 900 MHz private broadband for utilities.

Shares of Anterix Inc. (NASDAQ:ATEX - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $44.05 and last traded at $43.8340, with a volume of 15972 shares. The stock had previously closed at $42.60.

Analysts Set New Price Targets

A number of research firms recently weighed in on ATEX. Zacks Research downgraded Anterix from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 5th. Weiss Ratings raised Anterix from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, March 11th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Anterix currently has an average rating of "Hold" and an average target price of $50.00.

Anterix Trading Up 2.6%

The business has a fifty day simple moving average of $37.37 and a 200 day simple moving average of $27.40. The stock has a market capitalization of $818.59 million, a P/E ratio of 10.05 and a beta of 0.70.

Anterix (NASDAQ:ATEX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.57) by $0.22. The firm had revenue of $1.57 million during the quarter, compared to analyst estimates of $1.47 million. Anterix had a negative return on equity of 12.26% and a net margin of 1,370.92%. As a group, research analysts forecast that Anterix Inc. will post -1.53 earnings per share for the current year.

Hedge Funds Weigh In On Anterix

Several institutional investors have recently modified their holdings of ATEX. AQR Capital Management LLC grew its holdings in shares of Anterix by 16.9% in the first quarter. AQR Capital Management LLC now owns 11,489 shares of the company's stock valued at $420,000 after acquiring an additional 1,659 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Anterix by 50.6% in the first quarter. Millennium Management LLC now owns 116,473 shares of the company's stock valued at $4,263,000 after acquiring an additional 39,143 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Anterix by 17.7% in the first quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company's stock valued at $4,564,000 after acquiring an additional 18,771 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Anterix by 19.7% in the second quarter. Legal & General Group Plc now owns 11,303 shares of the company's stock valued at $290,000 after acquiring an additional 1,857 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Anterix by 70.9% in the second quarter. Rhumbline Advisers now owns 27,998 shares of the company's stock valued at $718,000 after acquiring an additional 11,615 shares in the last quarter. 87.67% of the stock is 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.

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