Anterix (NASDAQ:ATEX) Hits New 52-Week High – Here’s Why

Anterix Inc. (NASDAQ:ATEX)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $88.21 and last traded at $86.99, with a volume of 440232 shares trading hands. The stock had previously closed at $81.00.

Wall Street Analyst Weigh In

ATEX has been the subject of a number of recent analyst reports. B. Riley Financial cut Anterix from a “buy” rating to a “neutral” rating and raised their price objective for the company from $44.00 to $69.00 in a research report on Thursday, June 4th. Weiss Ratings raised Anterix from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Anterix currently has a consensus rating of “Hold” and a consensus target price of $59.50.

Anterix Stock Performance

The company’s fifty day simple moving average is $60.76 and its two-hundred day simple moving average is $41.06. The stock has a market capitalization of $1.65 billion, a P/E ratio of 18.08 and a beta of 0.95.

Insider Activity at Anterix

In related news, insider Gena L. Ashe sold 17,711 shares of Anterix stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.31, for a total transaction of $1,440,081.41. Following the completion of the sale, the insider directly owned 9,531 shares of the company’s stock, valued at approximately $774,965.61. This trade represents a 65.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of Anterix stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $82.46, for a total value of $7,539,895.02. Following the sale, the insider directly owned 77,807 shares of the company’s stock, valued at approximately $6,415,965.22. The trade was a 54.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 124,109 shares of company stock valued at $10,174,158 in the last 90 days. Corporate insiders own 45.61% of the company’s stock.

Institutional Trading of Anterix

Several hedge funds and other institutional investors have recently bought and sold shares of ATEX. Jefferies Financial Group Inc. bought a new stake in Anterix in the 4th quarter valued at about $9,922,000. Millennium Management LLC raised its holdings in Anterix by 1,153.1% in the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock valued at $9,604,000 after acquiring an additional 404,838 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in shares of Anterix by 0.8% during the 1st 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 period. Dimensional Fund Advisors LP lifted its position in shares of Anterix by 30.8% during 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 during the period. Finally, State Street Corp grew its holdings in shares of Anterix by 5.4% during the 4th quarter. State Street Corp now owns 333,788 shares of the company’s stock worth $7,287,000 after purchasing an additional 17,017 shares in the last quarter. Institutional investors and hedge funds own 87.67% of the company’s stock.

About Anterix

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.