Anterix (NASDAQ:ATEX) Shares Down 9.5% – Here’s What Happened

Anterix Inc. (NASDAQ:ATEX) traded down 9.5% during trading on Wednesday . The stock traded as low as $79.91 and last traded at $84.0820. Approximately 87,657 shares were traded during mid-day trading, a decline of 78% from the average session volume of 395,213 shares. The stock had previously closed at $92.94.

Analysts Set New Price Targets

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

Anterix Stock Down 6.2%

The company has a market cap of $1.70 billion, a P/E ratio of 18.02 and a beta of 0.85. The business has a fifty day simple moving average of $91.16 and a two-hundred day simple moving average of $58.99.

Anterix (NASDAQ:ATEX) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44. Anterix had a negative return on equity of 11.23% and a net margin of 1,394.17%.The business had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.00 million. On average, equities analysts predict that Anterix Inc. will post -2.07 EPS for the current fiscal year.

Insider Activity at Anterix

In other news, insider Christopher Guttman-Mccabe sold 91,437 shares of Anterix stock in a transaction on Monday, June 15th. The shares were sold at an average price of $82.46, for a total transaction of $7,539,895.02. Following the transaction, the insider owned 77,807 shares in the company, valued at $6,415,965.22. This trade represents a 54.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark Fleischhauer sold 3,500 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $79.83, for a total transaction of $279,405.00. Following the sale, the director directly owned 12,769 shares of the company’s stock, valued at approximately $1,019,349.27. The trade was a 21.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 124,109 shares of company stock valued at $10,174,158 in the last three months. Corporate insiders own 40.05% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its position in shares of Anterix by 16.9% during the 1st quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock valued at $420,000 after buying an additional 1,659 shares in the last quarter. Millennium Management LLC boosted its position in shares of Anterix by 50.6% in the first quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock worth $4,263,000 after purchasing an additional 39,143 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Anterix by 17.7% in the first quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company’s stock worth $4,564,000 after purchasing an additional 18,771 shares in the last quarter. Legal & General Group Plc raised 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 period. Finally, Rhumbline Advisers lifted its stake 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 buying an additional 11,615 shares in the last quarter. 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.