Anterix (NASDAQ:ATEX) Shares Up 7.1% – Still a Buy?

Anterix Inc. (NASDAQ:ATEX)’s share price rose 7.1% during mid-day trading on Thursday. The company traded as high as $83.54 and last traded at $84.1110. Approximately 100,316 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 382,079 shares. The stock had previously closed at $78.50.

Analysts Set New Price Targets

A number of research analysts have recently commented on ATEX shares. Wall Street Zen cut shares of Anterix from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings lowered shares of Anterix from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 17th. JPMorgan Chase & Co. lowered their price objective on shares of Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Clear Str raised shares of Anterix to a “strong-buy” rating in a research note on Monday, July 27th. Finally, DA Davidson set a $161.00 price objective on shares of Anterix in a research note on Friday, August 21st. One 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 company. Based on data from MarketBeat.com, Anterix has a consensus rating of “Moderate Buy” and an average target price of $120.00.

Anterix Price Performance

The company has a fifty day moving average price of $87.98 and a two-hundred day moving average price of $72.95. The company has a market capitalization of $1.65 billion, a P/E ratio of 24.09 and a beta of 0.89.

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

Insider Activity

In other news, CEO Scott Lang sold 15,000 shares of Anterix stock in a transaction on Monday, September 21st. The shares were sold at an average price of $80.00, for a total transaction of $1,200,000.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Thomas Kuhn sold 10,000 shares of the business’s stock in a transaction on 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 sale, the chairman directly owned 17,731 shares in the company, valued at approximately $1,575,399.35. This represents a 36.06% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 119,860 shares of company stock valued at $10,575,143. 40.05% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Anterix

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Anterix in the second quarter valued at about $110,672,000. Jupiter Topco LLC acquired a new position in shares of Anterix in the second quarter worth approximately $68,189,000. Gamco Investors INC. ET AL boosted its holdings in Anterix by 0.8% in the first quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock valued at $16,262,000 after acquiring an additional 3,350 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in 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 purchasing an additional 99,933 shares during the last quarter. Finally, Panoramic Capital LLC bought a new position in Anterix during the 2nd quarter worth approximately $15,892,000. Institutional investors own 87.67% of the company’s stock.

About Anterix

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.