Anterix (NASDAQ:ATEX) Sets New 1-Year High – Should You Buy?

Anterix Inc. (NASDAQ:ATEX)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $71.79 and last traded at $67.0750, with a volume of 67282 shares changing hands. The stock had previously closed at $66.64.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ATEX. B. Riley Financial cut Anterix from a “buy” rating to a “neutral” rating and raised their target price for the stock from $44.00 to $69.00 in a research report on Thursday. Weiss Ratings upgraded shares of Anterix from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.50.

Anterix Trading Up 1.7%

The stock has a 50 day moving average of $50.29 and a 200-day moving average of $35.57. The company has a market capitalization of $1.27 billion, a P/E ratio of 15.51 and a beta of 0.95.

Hedge Funds Weigh In On Anterix

Several large investors have recently made changes to their positions in ATEX. Parallel Advisors LLC grew its position in shares of Anterix by 63.7% during the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after purchasing an additional 363 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Anterix by 299.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares in the last quarter. Quantbot Technologies LP purchased a new position in Anterix in the 3rd quarter worth approximately $57,000. BNP Paribas Financial Markets boosted its stake in Anterix by 119.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock worth $62,000 after purchasing an additional 1,308 shares during the period. Finally, Fifth Third Bancorp purchased a new stake in Anterix during the 1st quarter valued at approximately $64,000. 87.67% of the stock is currently 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.