Anterix (NASDAQ:ATEX) Shares Down 11% - Time to Sell?

Key Points

• Anterix shares fell 11% on Thursday, trading as low as $94.48 after closing at $105.34 the prior day. Trading volume was also lighter than usual, down 52% from the average session.
• Analyst sentiment remains cautious: recent rating changes were mixed, but the stock’s overall consensus is still Hold, with an average price target of $59.50. B. Riley Financial also cut the stock from Buy to Neutral while raising its target to $69.
• Insiders have been selling shares, including large sales by the CFO and another insider, with 124,109 shares sold over the last 90 days. Despite that, institutional investors still own a large majority of the company at 87.67%.

Anterix Inc. (NASDAQ:ATEX - Get Free Report)'s stock price traded down 11% on Thursday . The company traded as low as $94.48 and last traded at $93.78. 192,539 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 404,968 shares. The stock had previously closed at $105.34.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ATEX. 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. Weiss Ratings raised shares of Anterix from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 26th. Finally, Wall Street Zen upgraded shares of Anterix from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $59.50.

Anterix Trading Down 10.4%

The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 19.36 and a beta of 0.83. The firm has a fifty day moving average price of $76.98 and a 200 day moving average price of $49.07.

Insider Buying and Selling

In related news, CFO Elena Marquez sold 4,291 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were 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 in the company, valued at $1,461,766.50. This represents a 18.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $82.46, for a total transaction of $7,539,895.02. Following the sale, the insider directly owned 77,807 shares in the company, 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 sold a total of 124,109 shares of company stock valued at $10,174,158 in the last 90 days. 40.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Anterix

Large investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in shares of Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company's stock valued at $36,000 after purchasing an additional 363 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company's stock worth $42,000 after buying an additional 1,233 shares in the last quarter. Quantbot Technologies LP bought a new position in Anterix in the 3rd quarter valued at $57,000. BNP Paribas Financial Markets boosted its position in Anterix by 119.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company's stock valued at $62,000 after buying an additional 1,308 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new stake in shares of Anterix in the 1st quarter valued at $64,000. 87.67% of the stock is currently owned by institutional investors and hedge funds.

About Anterix

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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