Anterix (NASDAQ:ATEX) Shares Gap Up Following Analyst Upgrade

Key Points

• B. Riley upgraded Anterix to Buy from Neutral and raised its price target to $103 from $86. Shares opened at $81.03, up from the prior close of $76.53.
• Analyst views are mixed, but MarketBeat puts the consensus at Moderate Buy with a $131.33 price target.
• Quarterly results beat estimates on loss per share ($0.25 versus $0.30 expected), while revenue missed ($1.96 million versus $2.05 million). Insiders sold about 124,841 shares worth $10.98 million over the prior 90 days.

Anterix Inc. (NASDAQ:ATEX - Get Free Report)'s share price gapped up prior to trading on Thursday after B. Riley Financial upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $76.53, but opened at $81.03. B. Riley Financial now has a $103.00 price target on the stock, up from their previous price target of $86.00. Anterix shares last traded at $80.9690, with a volume of 15,017 shares.

Several other research firms also recently weighed in on ATEX. Clear Str raised Anterix to a "strong-buy" rating in a research report on Monday, July 27th. Weiss Ratings downgraded Anterix from a "hold (c)" rating to a "sell (d+)" rating in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on Anterix from $133.00 to $130.00 and set an "overweight" rating for the company in a research report on Thursday, August 13th. DA Davidson set a $161.00 price objective on shares of Anterix in a research note on Friday, August 21st. Finally, Wall Street Zen cut shares of Anterix from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Anterix has a consensus rating of "Moderate Buy" and a consensus price target of $131.33.

Insider Buying and Selling

In other Anterix news, Chairman Thomas Kuhn sold 10,000 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $88.85, for a total value of $888,500.00. Following the transaction, the chairman owned 17,731 shares of the company's stock, valued at $1,575,399.35. This represents a 36.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Scott Lang sold 15,000 shares of the stock in a transaction on Monday, September 21st. The stock was sold at an average price of $80.00, for a total value of $1,200,000.00. Following the completion of the sale, the chief executive officer owned 26,470 shares in the company, valued at approximately $2,117,600. The trade was a 36.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 124,841 shares of company stock worth $10,975,765 over the last ninety days. Corporate insiders own 40.05% of the company's stock.

Anterix News Summary

Here's some of the latest news about ATEX:

• Positive Sentiment: Management highlighted commercial potential and financial flexibility: Anterix cited 16 active opportunities and $107.5 million in cash, alongside scarce spectrum and significant contract revenue not yet collected. These factors could support future growth, though opportunities are not guaranteed contracts. Read More.
• Neutral Sentiment: Quarterly results were mixed: Anterix reported a loss of $0.25 per share, narrower than the cited analyst estimate of a $0.30 loss, but revenue of $1.96 million fell short of the $2.05 million estimate. Read More.
• Negative Sentiment: The company swung to a GAAP net loss compared with the prior-year quarter, while revenue missed expectations. The loss and small revenue base may weigh on sentiment despite the better-than-expected per-share result. Read More.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ATEX. Integrated Wealth Concepts LLC bought a new stake in Anterix during the 2nd quarter valued at about $35,000. State of Wyoming bought a new position in Anterix in the 3rd quarter worth about $27,000. Sterling Capital Management LLC grew its stake in Anterix by 850.0% in the 3rd quarter. Sterling Capital Management LLC now owns 380 shares of the company's stock worth $30,000 after acquiring an additional 340 shares in the last quarter. Parallel Advisors LLC grew its stake in Anterix by 63.7% in the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company's stock worth $36,000 after acquiring an additional 363 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of Anterix during the first quarter worth approximately $64,000. Hedge funds and other institutional investors own 87.67% of the company's stock.

Anterix Price Performance

The firm has a market capitalization of $1.57 billion, a PE ratio of 205.87 and a beta of 0.87. The stock's 50-day moving average price is $81.30 and its 200 day moving average price is $67.22.

Anterix (NASDAQ:ATEX - Get Free Report) last posted its quarterly earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.05. Anterix had a net margin of 96.23% and a negative return on equity of 11.34%. The firm had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.05 million. Equities research analysts forecast that Anterix Inc. will post -2.00 earnings per share for the current fiscal year.

About Anterix

Anterix Inc. provides licensed wireless spectrum for private broadband networks, primarily serving electric, gas and water utilities and other critical-infrastructure organizations. Its business focuses on making 900 MHz spectrum available to customers that want dedicated communications networks for operational needs such as grid monitoring, automation and resilience. The company's spectrum holdings cover areas across the United States. Anterix works with utilities and technology partners to support the development of private LTE networks, offering spectrum access and related planning and ecosystem support rather than operating a public mobile network.

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