Anterix (NASDAQ:ATEX) Shares Gap Up - Here's Why

Key Points

• Anterix shares jumped 10.1%, opening at $80.66 versus a prior close of $76.44 and recently trading near $81.80.
• Analyst sentiment remains favorable overall, with a consensus rating of “Moderate Buy” and an average price target of $120, despite some rating downgrades and JPMorgan lowering its target to $130.
• The company reported quarterly EPS of $0.01, beating expectations for a $0.43 loss, while institutional investors own 87.67% of the stock and insiders sold approximately $10.6 million of shares over the past 90 days.

Anterix Inc. (NASDAQ:ATEX - Get Free Report)'s stock price gapped up prior to trading on Friday. The stock had previously closed at $76.44, but opened at $80.66. Anterix shares last traded at $81.80, with a volume of 80,671 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ATEX shares. Clear Str upgraded Anterix to a "strong-buy" rating in a research note on Monday, July 27th. Wall Street Zen cut Anterix from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. DA Davidson set a $161.00 price target on Anterix in a report on Friday, August 21st. Weiss Ratings upgraded Anterix from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, October 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Anterix from $133.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $120.00.

Anterix Stock Up 10.1%

The company has a 50-day moving average of $87.18 and a 200 day moving average of $74.42. The stock has a market capitalization of $1.65 billion, a PE ratio of 23.89 and a beta of 0.89.

Anterix (NASDAQ:ATEX - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.44. The business had revenue of $1.96 million for the quarter, compared to analyst estimates of $2.00 million. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%. As a group, equities analysts predict that Anterix Inc. will post -2 EPS for the current fiscal year.

Insider Activity at Anterix

In related news, insider Christopher Guttman-Mccabe sold 23,439 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $92.36, for a total value of $2,164,826.04. Following the transaction, the insider directly owned 44,876 shares in the company, valued at approximately $4,144,747.36. This represents a 34.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Chairman Thomas R. Kuhn sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chairman owned 17,731 shares of the company's stock, valued at $1,575,399.35. The trade was a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 119,860 shares of company stock valued at $10,575,143 over the last ninety days. Corporate insiders own 40.05% of the company's stock.

Hedge Funds Weigh In On Anterix

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Anterix in the 2nd quarter valued at $110,672,000. Jupiter Topco LLC acquired a new position in Anterix during the 2nd quarter worth about $68,189,000. Panoramic Capital LLC purchased a new position in Anterix during the 2nd quarter valued at about $15,892,000. Bank of America Corp DE purchased a new position in Anterix during the 2nd quarter valued at about $13,865,000. Finally, Dimensional Fund Advisors LP grew its position in Anterix by 30.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company's stock valued at $16,223,000 after acquiring an additional 99,933 shares in the last quarter. Institutional investors and hedge funds own 87.67% of the company's stock.

Anterix Company Profile

Anterix Inc NASDAQ: ATEX develops and enables private wireless broadband networks for critical infrastructure organizations in the United States. The company focuses on using its licensed 900 MHz spectrum to support secure, reliable communications for electric utilities and other organizations that require resilient connectivity for operational technology and field personnel.

Anterix provides spectrum access and related solutions designed to help utilities modernize communications networks, including support for grid management, outage response, remote monitoring, automation and other mission-critical applications.

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