Anterix (NASDAQ:ATEX) Posts Earnings Results, Beats Estimates By $0.22 EPS

Anterix (NASDAQ:ATEX) issued its quarterly earnings data on Wednesday. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.22, FiscalAI reports. The firm had revenue of $1.57 million during the quarter, compared to analyst estimates of $1.47 million. Anterix had a negative return on equity of 14.95% and a net margin of 1,614.08%.

Anterix Trading Up 3.1%

ATEX opened at $29.70 on Thursday. Anterix has a 12-month low of $17.58 and a 12-month high of $42.91. The firm has a 50 day moving average of $23.73 and a two-hundred day moving average of $22.10. The firm has a market capitalization of $555.89 million, a PE ratio of 5.81 and a beta of 0.86.

Insider Buying and Selling at Anterix

In related news, CEO Scott A. Lang purchased 1,160 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were bought at an average cost of $21.61 per share, with a total value of $25,067.60. Following the transaction, the chief executive officer owned 8,260 shares of the company’s stock, valued at approximately $178,498.60. This trade represents a 16.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gena L. Ashe sold 6,564 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $21.07, for a total value of $138,303.48. Following the completion of the sale, the insider owned 13,366 shares in the company, valued at $281,621.62. The trade was a 32.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 45.61% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Anterix

Hedge funds have recently modified their holdings of the company. Rhumbline Advisers raised its holdings in Anterix by 70.9% in the 2nd quarter. Rhumbline Advisers now owns 27,998 shares of the company’s stock worth $718,000 after purchasing an additional 11,615 shares during the period. Legal & General Group Plc increased its position in shares of Anterix by 19.7% in the second quarter. Legal & General Group Plc now owns 11,303 shares of the company’s stock valued at $290,000 after buying an additional 1,857 shares in the last quarter. Goldman Sachs Group Inc. raised 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 worth $4,564,000 after buying an additional 18,771 shares during the period. Millennium Management LLC lifted its position 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 buying an additional 39,143 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Anterix by 16.9% in the 1st 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. 87.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Zacks Research cut Anterix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Anterix in a research note on Wednesday, January 21st. Finally, JPMorgan Chase & Co. dropped their target price on shares of Anterix from $67.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Anterix has an average rating of “Hold” and a consensus price target of $50.00.

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.