Anterix (NASDAQ:ATEX) Posts Earnings Results, Beats Expectations By $0.44 EPS

Anterix (NASDAQ:ATEX) posted its quarterly earnings results on Tuesday. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44, FiscalAI reports. The firm had revenue of $1.96 million for the quarter, compared to analysts’ expectations of $2.00 million. Anterix had a net margin of 1,394.17% and a negative return on equity of 11.23%.

Anterix Stock Performance

Shares of ATEX traded up $0.15 during mid-day trading on Tuesday, hitting $92.94. 540,641 shares of the company traded hands, compared to its average volume of 397,566. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 19.20 and a beta of 0.85. The stock has a 50-day moving average price of $90.63 and a two-hundred day moving average price of $58.51. Anterix has a 1 year low of $17.58 and a 1 year high of $113.00.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ATEX. Weiss Ratings upgraded shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, June 26th. Wall Street Zen raised Anterix from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. B. Riley Financial cut Anterix from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $44.00 to $69.00 in a research note on Thursday, June 4th. JPMorgan Chase & Co. upped their price target on Anterix from $50.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, Clear Str raised Anterix to a “strong-buy” rating in a research report on Monday, July 27th. One equities research 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.00.

Insider Buying and Selling

In other Anterix news, CFO Elena Marquez sold 4,291 shares of Anterix stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $79.50, for a total value of $341,134.50. Following the completion of the sale, the chief financial officer owned 18,387 shares of the company’s stock, valued at approximately $1,461,766.50. The trade was a 18.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $7,539,895.02. Following the completion of the sale, the insider directly owned 77,807 shares of the company’s stock, valued at approximately $6,415,965.22. This trade represents a 54.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 124,109 shares of company stock valued at $10,174,158 in the last ninety days. Corporate insiders own 40.05% of the company’s stock.

Institutional Trading of Anterix

A number of hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC lifted its holdings in Anterix by 16.9% in the first quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock valued at $420,000 after acquiring an additional 1,659 shares during the period. Millennium Management LLC grew its stake in shares of Anterix by 50.6% during the 1st quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock valued at $4,263,000 after purchasing an additional 39,143 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Anterix by 17.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company’s stock valued at $4,564,000 after purchasing an additional 18,771 shares during the period. Legal & General Group Plc increased its position in shares of Anterix by 19.7% during the 2nd quarter. Legal & General Group Plc now owns 11,303 shares of the company’s stock valued at $290,000 after purchasing an additional 1,857 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Anterix by 70.9% during the 2nd quarter. Rhumbline Advisers now owns 27,998 shares of the company’s stock valued at $718,000 after purchasing an additional 11,615 shares during the last quarter. Hedge funds and other institutional investors 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.