Anterix (NASDAQ:ATEX) Trading 7.3% Higher - Here's Why

Key Points

• Anterix shares rose 7.3% to approximately $82.62 in midday trading, though volume was down 84% from the average session. The company has a “Moderate Buy” consensus rating and an average analyst price target of $120.
• Anterix reported quarterly EPS of $0.01, beating the consensus estimate of a $0.43 loss, while revenue of $1.96 million came in slightly below expectations.
• Insiders have been selling shares, including recent sales by a director and the chairman; insiders sold 104,860 shares worth $9.4 million over the past three months. Institutional investors and hedge funds own 87.67% of the stock.

Anterix Inc. (NASDAQ:ATEX - Get Free Report) was up 7.3% during mid-day trading on Monday . The stock traded as high as $85.06 and last traded at $82.6170. Approximately 60,403 shares traded hands during trading, a decline of 84% from the average session volume of 387,573 shares. The stock had previously closed at $76.99.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. DA Davidson set a $161.00 price objective on shares of Anterix in a report on Friday, August 21st. B. Riley Financial lowered shares of Anterix from a "buy" rating to a "neutral" rating and increased their target price for the stock 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 report on Monday, July 27th. JPMorgan Chase & Co. lowered their price target on Anterix from $133.00 to $130.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Finally, Weiss Ratings downgraded shares of Anterix from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $120.00.

Anterix Price Performance

The firm has a 50 day moving average of $91.85 and a two-hundred day moving average of $70.11. The stock has a market cap of $1.67 billion, a PE ratio of 24.31 and a beta of 0.84.

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

Insider Activity

In other news, Director Leslie Daniels sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $83.83, for a total transaction of $209,575.00. Following the completion of the sale, the director owned 43,477 shares of the company's stock, valued at approximately $3,644,676.91. This trade represents a 5.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Thomas Kuhn sold 10,000 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $88.85, for a total transaction of $888,500.00. Following the completion of the transaction, the chairman owned 17,731 shares in the company, valued at approximately $1,575,399.35. The trade was a 36.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 104,860 shares of company stock worth $9,375,143 over the last three months. 40.05% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Anterix

Several institutional investors and hedge funds have recently added to or reduced their stakes in ATEX. Integrated Wealth Concepts LLC bought a new stake in shares of Anterix in the 2nd quarter valued at approximately $35,000. Parallel Advisors LLC increased its holdings in shares of Anterix by 63.7% during the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company's stock valued at $36,000 after acquiring an additional 363 shares during the last quarter. Fifth Third Bancorp bought a new stake in Anterix during the first quarter worth approximately $64,000. Legal & General Group Plc acquired a new position in Anterix during the second quarter valued at approximately $222,000. Finally, Ieq Capital LLC acquired a new position in Anterix during the second quarter valued at approximately $226,000. 87.67% of the stock is currently owned by hedge funds and other institutional investors.

About Anterix

Anterix Inc NASDAQ: ATEX provides private wireless broadband solutions for critical infrastructure organizations, with a primary focus on electric utilities in the United States. The company's services are designed to support mission-critical communications, grid modernization, operational technology, and other applications that require secure and reliable connectivity.

Anterix owns and manages licensed spectrum in the 900 MHz band and makes that spectrum available through arrangements with utility and infrastructure customers.

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