JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Anterix (NASDAQ:ATEX) Stock

Key Points

• JPMorgan Chase & Co. raised its price target on Anterix from $50 to $133 and kept an overweight rating, implying about 25% upside from the prior close.
• Anterix shares were up 5.9% in midday trading at $106.28, near the stock’s 52-week high of $113; the company now has a market cap of about $2.07 billion.
• Recent analyst sentiment is mixed, with several firms adjusting ratings, but the overall consensus remains Hold with a consensus price target of $101.

Anterix (NASDAQ:ATEX - Get Free Report) had its target price increased by JPMorgan Chase & Co. from $50.00 to $133.00 in a research report issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 25.14% from the company's previous close.

ATEX has been the topic of several other reports. B. Riley Financial cut Anterix from a "buy" rating to a "neutral" rating and increased their price objective for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. Wall Street Zen upgraded Anterix from a "sell" rating to a "hold" rating in a report on Saturday, June 27th. Finally, Weiss Ratings upgraded Anterix from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $101.00.

Anterix Trading Up 5.9%

Anterix stock traded up $5.93 during midday trading on Monday, reaching $106.28. 146,991 shares of the stock traded hands, compared to its average volume of 404,077. The firm has a market cap of $2.07 billion, a PE ratio of 21.78 and a beta of 0.83. The company has a 50-day simple moving average of $78.69 and a two-hundred day simple moving average of $50.13. Anterix has a 12-month low of $17.58 and a 12-month high of $113.00.

Insider Buying and Selling at Anterix

In other Anterix news, Director Mark Fleischhauer sold 3,500 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $79.83, for a total value of $279,405.00. Following the sale, the director directly owned 12,769 shares in the company, valued at $1,019,349.27. This trade represents a 21.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of Anterix stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $82.46, for a total value of $7,539,895.02. Following the sale, the insider directly owned 77,807 shares of the company's stock, valued at $6,415,965.22. This trade 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 quarter, insiders sold 124,109 shares of company stock worth $10,174,158. 40.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ATEX. Jefferies Financial Group Inc. purchased a new stake in Anterix during the fourth quarter worth approximately $9,922,000. Millennium Management LLC increased its stake in Anterix by 1,153.1% in the fourth quarter. Millennium Management LLC now owns 439,946 shares of the company's stock valued at $9,604,000 after purchasing an additional 404,838 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in Anterix by 0.8% during the first quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company's stock worth $16,262,000 after purchasing an additional 3,350 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Anterix by 30.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company's stock worth $16,223,000 after buying an additional 99,933 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Anterix by 5.4% in the 4th quarter. State Street Corp now owns 333,788 shares of the company's stock valued at $7,287,000 after buying an additional 17,017 shares in the last quarter. 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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