Anterix (NASDAQ:ATEX) Sets New 1-Year High on Analyst Upgrade

Key Points

• Anterix hit a new 52-week high after JPMorgan raised its price target sharply from $50 to $133 and kept an overweight rating. The stock briefly traded as high as $113 and last changed hands around $109.77.
• Analyst sentiment remains mixed overall, with the stock holding an average Hold rating and a consensus target price of $101. One analyst rates it Buy, while three have Hold ratings.
• Recent insider selling included large share sales by Christopher Guttman-McCabe and Gena L. Ashe, though the article notes one sale was to cover tax withholding tied to equity vesting. Institutional ownership remains high at 87.67%.

Anterix Inc. (NASDAQ:ATEX - Get Free Report) reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $50.00 to $133.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Anterix traded as high as $113.00 and last traded at $109.7730, with a volume of 65402 shares changing hands. The stock had previously closed at $100.35.

A number of other equities analysts have also recently commented on the stock. Wall Street Zen raised shares of Anterix from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. B. Riley Financial cut 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 report on Thursday, June 4th. Finally, Weiss Ratings upgraded 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 Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $101.00.

Insider Buying and Selling

In other news, insider Christopher Guttman-Mccabe sold 91,437 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $82.46, for a total transaction of $7,539,895.02. Following the completion of the sale, the insider directly owned 77,807 shares in the company, valued at $6,415,965.22. This represents a 54.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gena L. Ashe sold 17,711 shares of the company's stock in a transaction on Monday, June 15th. The shares were 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 124,109 shares of company stock valued at $10,174,158. Corporate insiders own 40.05% of the company's stock.

Institutional Trading of Anterix

Several hedge funds have recently modified their holdings of the stock. Jefferies Financial Group Inc. acquired a new position in Anterix during the 4th quarter worth approximately $9,922,000. Millennium Management LLC raised its position 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 purchasing an additional 404,838 shares during the period. Beartown Capital Management LLC bought a new position in shares of Anterix in the 4th quarter worth $3,165,000. Gamco Investors INC. ET AL grew its position in Anterix by 32.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company's stock valued at $9,223,000 after purchasing an additional 102,400 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Anterix by 30.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company's stock valued at $16,223,000 after purchasing an additional 99,933 shares in the last quarter. Institutional investors own 87.67% of the company's stock.

Anterix Price Performance

The company's fifty day simple moving average is $78.69 and its two-hundred day simple moving average is $50.13. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 21.94 and a beta of 0.83.

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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