Anterix (NASDAQ:ATEX) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Anterix (NASDAQ:ATEX) from a strong-buy rating to a hold rating in a report issued on Thursday,Zacks.com reports.

A number of other research firms have also commented on ATEX. JPMorgan Chase & Co. reduced their price objective on shares of Anterix from $67.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Anterix in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $50.00.

Anterix Stock Up 9.3%

ATEX stock opened at $28.39 on Thursday. The company has a 50-day simple moving average of $23.19 and a 200 day simple moving average of $21.95. The company has a market capitalization of $531.46 million, a P/E ratio of 5.56 and a beta of 0.86. Anterix has a fifty-two week low of $17.58 and a fifty-two week high of $42.91.

Anterix (NASDAQ:ATEX) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.51. Anterix had a net margin of 1,614.08% and a negative return on equity of 14.95%. The company had revenue of $1.55 million for the quarter, compared to the consensus estimate of $1.43 million. Equities analysts anticipate that Anterix will post -1.53 EPS for the current year.

Insider Buying and Selling at Anterix

In other news, insider Gena L. Ashe sold 6,564 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $21.07, for a total transaction of $138,303.48. Following the completion of the transaction, the insider directly owned 13,366 shares of the company’s stock, valued at approximately $281,621.62. This trade represents a 32.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott A. Lang acquired 2,450 shares of the business’s stock in a transaction on Monday, December 8th. The shares were bought at an average cost of $20.41 per share, with a total value of $50,004.50. Following the completion of the acquisition, the chief executive officer owned 7,100 shares of the company’s stock, valued at approximately $144,911. This trade represents a 52.69% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 45.61% of the company’s stock.

Institutional Investors Weigh In On Anterix

Several hedge funds and other institutional investors have recently made changes to their positions in ATEX. AlphaQuest LLC grew its stake in shares of Anterix by 12.9% in the third quarter. AlphaQuest LLC now owns 5,435 shares of the company’s stock worth $117,000 after purchasing an additional 619 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Anterix by 12.4% during the second quarter. Russell Investments Group Ltd. now owns 5,760 shares of the company’s stock valued at $148,000 after purchasing an additional 637 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Anterix by 17.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,084 shares of the company’s stock valued at $182,000 after acquiring an additional 1,029 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in Anterix by 52.2% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,069 shares of the company’s stock worth $79,000 after buying an additional 1,052 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Anterix by 299.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock valued at $42,000 after buying an additional 1,233 shares in the last quarter. 87.67% of the stock is owned by institutional investors and hedge funds.

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.