Insider Selling: Anterix (NASDAQ:ATEX) Chairman Sells 10,000 Shares of Stock

Key Points

• Anterix Chairman Thomas Kuhn sold 10,000 shares at an average price of $88.85, generating $888,500. The sale covered tax-withholding obligations tied to vested equity awards and reduced his direct ownership by 36.06% to 17,731 shares.
• ATEX shares recently traded at $93.92, near the upper portion of their $17.58–$113.00 12-month range. The company has a market capitalization of approximately $1.84 billion and reported quarterly EPS of $0.01, exceeding the $0.43 loss analysts expected.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $120.00, while institutional investors and hedge funds own 87.67% of the stock.

Anterix Inc. (NASDAQ:ATEX - Get Free Report) Chairman Thomas Kuhn sold 10,000 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $88.85, for a total value of $888,500.00. Following the transaction, the chairman directly owned 17,731 shares of the company's stock, valued at approximately $1,575,399.35. The trade was a 36.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Anterix Stock Performance

Shares of ATEX stock traded up $1.55 during mid-day trading on Wednesday, hitting $93.92. 241,195 shares of the stock traded hands, compared to its average volume of 396,041. Anterix Inc. has a twelve month low of $17.58 and a twelve month high of $113.00. The company's 50-day simple moving average is $94.80 and its 200-day simple moving average is $63.53. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 26.83 and a beta of 0.85.

Anterix (NASDAQ:ATEX - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.44. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%.The business had revenue of $1.96 million during the quarter, compared to analyst estimates of $2.00 million. Analysts forecast that Anterix Inc. will post -2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ATEX has been the subject of several analyst reports. Weiss Ratings raised Anterix from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, June 26th. DA Davidson set a $161.00 price objective on Anterix in a report on Friday, August 21st. B. Riley Financial lowered shares of Anterix from a "buy" rating to a "neutral" rating and upped their price objective for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. Clear Str raised shares of Anterix to a "strong-buy" rating in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. dropped their target price on Anterix from $133.00 to $130.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Anterix has a consensus rating of "Moderate Buy" and a consensus price target of $120.00.

Hedge Funds Weigh In On Anterix

Hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its position in Anterix by 63.7% during 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 during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of 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 purchasing an additional 1,233 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Anterix during the 3rd quarter valued at about $57,000. BNP Paribas Financial Markets lifted its holdings in shares of Anterix by 119.3% during 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 bought a new stake in shares of Anterix in the 1st quarter valued at approximately $64,000. 87.67% of the stock is owned by institutional investors and hedge funds.

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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