Anterix (NASDAQ:ATEX) Shares Gap Up on Earnings Beat

Anterix Inc. (NASDAQ:ATEX) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $64.78, but opened at $68.50. Anterix shares last traded at $69.14, with a volume of 93,173 shares.

The company reported $0.98 EPS for the quarter, topping the consensus estimate of ($0.42) by $1.40. Anterix had a net margin of 1,370.92% and a negative return on equity of 12.26%. The company had revenue of $1.96 million for the quarter, compared to analyst estimates of $1.57 million.

Analyst Ratings Changes

A number of analysts recently commented on ATEX shares. Weiss Ratings raised shares of Anterix from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. B. Riley Financial downgraded shares of Anterix from a “buy” rating to a “neutral” rating and lifted their price target for the company from $44.00 to $69.00 in a research report on Thursday, June 4th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Anterix has a consensus rating of “Hold” and a consensus target price of $59.50.

Institutional Investors Weigh In On Anterix

Institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its holdings in 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 in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Anterix by 299.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock valued at $42,000 after purchasing an additional 1,233 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Anterix in the third quarter valued at approximately $57,000. BNP Paribas Financial Markets grew its position in shares of Anterix by 119.3% in the second quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after purchasing an additional 1,308 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in shares of Anterix during the 1st quarter worth approximately $64,000. 87.67% of the stock is currently owned by hedge funds and other institutional investors.

Anterix Trading Up 8.5%

The business has a 50 day moving average of $51.93 and a 200-day moving average of $36.51. The stock has a market cap of $1.32 billion, a PE ratio of 16.16 and a beta of 0.95.

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.