Anterix (NASDAQ:ATEX) Stock Price Down 7.7% – Here’s What Happened

Shares of Anterix Inc. (NASDAQ:ATEX) traded down 7.7% during trading on Wednesday . The stock traded as low as $97.33 and last traded at $98.12. 133,362 shares changed hands during trading, a decline of 66% from the average daily volume of 397,192 shares. The stock had previously closed at $106.35.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Clear Str raised shares of Anterix to a “strong-buy” rating in a report on Monday, July 27th. 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. Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 26th. Wall Street Zen upgraded Anterix from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, JPMorgan Chase & Co. upped their price target on Anterix from $50.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Anterix presently has an average rating of “Moderate Buy” and an average price target of $101.00.

Anterix Trading Down 8.2%

The business has a 50-day moving average price of $87.96 and a 200-day moving average price of $56.45. The stock has a market cap of $1.90 billion, a PE ratio of 20.17 and a beta of 0.85.

Insider Activity at Anterix

In other Anterix news, CFO Elena Marquez sold 4,291 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $79.50, for a total transaction of $341,134.50. Following the transaction, the chief financial officer directly owned 18,387 shares of the company’s stock, valued at $1,461,766.50. This trade represents a 18.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Gena L. Ashe sold 17,711 shares of Anterix stock in a transaction dated Monday, June 15th. The shares were 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 owned 9,531 shares in the company, valued at approximately $774,965.61. This trade represents a 65.01% decrease in their position. 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 sold a total of 124,109 shares of company stock valued at $10,174,158 in the last three months. Company insiders own 40.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Jefferies Financial Group Inc. purchased a new stake in Anterix during the 4th quarter worth approximately $9,922,000. Millennium Management LLC lifted its position in shares of Anterix by 1,153.1% in the fourth 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 boosted its stake in shares of Anterix by 0.8% in the first quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock worth $16,262,000 after acquiring an additional 3,350 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Anterix by 30.8% in the first quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company’s stock worth $16,223,000 after acquiring an additional 99,933 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Anterix by 5.4% in the fourth quarter. State Street Corp now owns 333,788 shares of the company’s stock worth $7,287,000 after acquiring an additional 17,017 shares during the last quarter. 87.67% of the stock is owned by hedge funds and other institutional investors.

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.