Anterix (NASDAQ:ATEX) Reaches New 1-Year High – Time to Buy?

Anterix Inc. (NASDAQ:ATEX)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $40.67 and last traded at $38.11, with a volume of 361535 shares changing hands. The stock had previously closed at $37.76.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Zacks Research cut shares of Anterix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Weiss Ratings upgraded shares of Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, March 11th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $50.00.

Anterix Price Performance

The firm has a 50 day simple moving average of $30.98 and a 200-day simple moving average of $24.59. The stock has a market capitalization of $713.80 million, a price-to-earnings ratio of 8.76 and a beta of 0.76.

Anterix (NASDAQ:ATEX) last issued its earnings results on Wednesday, February 11th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.22. Anterix had a net margin of 1,370.92% and a negative return on equity of 12.26%. The company had revenue of $1.57 million for the quarter, compared to the consensus estimate of $1.47 million. On average, sell-side analysts forecast that Anterix Inc. will post -1.53 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Anterix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ATEX. Beartown Capital Management LLC bought a new stake in Anterix during the fourth quarter worth about $3,165,000. XTX Topco Ltd bought a new position in shares of Anterix in the fourth quarter valued at approximately $311,000. Toronto Dominion Bank acquired a new position in shares of Anterix in the 4th quarter worth approximately $94,000. Millennium Management LLC boosted its holdings in shares of Anterix by 1,153.1% in the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock worth $9,604,000 after acquiring an additional 404,838 shares in the last quarter. Finally, Man Group plc grew its position in Anterix by 32.3% during the 4th quarter. Man Group plc now owns 100,145 shares of the company’s stock worth $2,186,000 after acquiring an additional 24,431 shares during the last quarter. 87.67% of the stock is currently 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.