Anterix (NASDAQ:ATEX) Stock Falls 6.3% – Here’s What Happened

Anterix Inc. (NASDAQ:ATEX) shares fell 6.3% during trading on Wednesday. The company traded as low as $70.34 and last traded at $70.7080. 71,797 shares were traded during trading, a decline of 80% from the average daily volume of 367,150 shares. The stock had previously closed at $75.47.

Anterix News Roundup

These are some of the ATEX news items that stood out recently:

• Positive Sentiment: Anterix posted a loss of $0.25 per share, narrower than the $0.30 loss consensus cited by some reports (and the $0.45 Zacks estimate). The smaller-than-expected loss is the clearest favorable surprise in the quarter. Earnings Beat Might Change The Case For Investing In Anterix
• Negative Sentiment: Revenue was about $1.96 million, below estimates of roughly $2.05–$2.1 million. The company also swung to a loss from a $0.14-per-share loss in the year-ago quarter, a deterioration that may temper the earnings beat. Anterix Reports Q2 Loss, Misses Revenue Estimates

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ATEX shares. Weiss Ratings lowered Anterix from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, October 26th. JPMorgan Chase & Co. cut their target price on Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. DA Davidson set a $161.00 price target on Anterix in a research note on Friday, August 21st. Clear Str raised Anterix to a “strong-buy” rating in a research note on Monday, July 27th. Finally, Wall Street Zen cut Anterix from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Anterix has an average rating of “Moderate Buy” and a consensus target price of $120.00.

Anterix Price Performance

The stock has a market capitalization of $1.56 billion, a P/E ratio of 22.79 and a beta of 0.87. The company’s 50 day simple moving average is $81.56 and its two-hundred day simple moving average is $66.96.

Anterix (NASDAQ:ATEX) last posted its earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. The company had revenue of $1.96 million during the quarter, compared to analysts’ expectations of $2.05 million. Anterix had a net margin of 933.03% and a negative return on equity of 10.65%. On average, research analysts anticipate that Anterix Inc. will post -2.00 earnings per share for the current fiscal year.

Insider Transactions at Anterix

In other news, Chairman Thomas R. Kuhn sold 10,000 shares of the 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 sale, the chairman owned 17,731 shares in the company, valued at approximately $1,575,399.35. This represents a 36.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Scott A. Lang sold 15,000 shares of the firm’s stock in a transaction on Monday, September 21st. The shares were sold at an average price of $80.00, for a total value of $1,200,000.00. Following the completion of the sale, the chief executive officer owned 26,470 shares of the company’s stock, valued at approximately $2,117,600. This trade represents a 36.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 124,841 shares of company stock worth $10,975,765. 40.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Anterix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Anterix during the second quarter worth approximately $110,672,000. Jupiter Topco LLC acquired a new stake in shares of Anterix in the 2nd quarter valued at $68,189,000. Gamco Investors INC. ET AL raised its position in shares of Anterix by 0.8% during 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 raised its position in shares of Anterix by 30.8% during 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, Bank of America Corp DE raised its position in shares of Anterix by 17.2% during the first quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock worth $6,408,000 after acquiring an additional 24,657 shares during the last quarter. Institutional investors and hedge funds own 87.67% of the company’s stock.

Anterix Company Profile

Anterix Inc. provides licensed wireless spectrum for private broadband networks, primarily serving electric, gas and water utilities and other critical-infrastructure organizations. Its business focuses on making 900 MHz spectrum available to customers that want dedicated communications networks for operational needs such as grid monitoring, automation and resilience. The company’s spectrum holdings cover areas across the United States. Anterix works with utilities and technology partners to support the development of private LTE networks, offering spectrum access and related planning and ecosystem support rather than operating a public mobile network.