Anterix (NASDAQ:ATEX) Shares Gap Down – What’s Next?

Anterix Inc. (NASDAQ:ATEX) gapped down before the market opened on Thursday . The stock had previously closed at $29.70, but opened at $27.35. Anterix shares last traded at $29.6050, with a volume of 54,495 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently weighed in on ATEX shares. JPMorgan Chase & Co. lowered their price objective 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. Zacks Research downgraded Anterix from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Anterix in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $50.00.

Anterix Stock Down 0.6%

The stock has a market cap of $552.34 million, a P/E ratio of 5.79 and a beta of 0.86. The firm has a 50 day moving average price of $23.73 and a 200 day moving average price of $22.10.

Anterix (NASDAQ:ATEX) last released its earnings results on Wednesday, February 11th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.22. The company had revenue of $1.57 million for the quarter, compared to analysts’ expectations of $1.47 million. Anterix had a net margin of 1,614.08% and a negative return on equity of 14.95%. Equities analysts predict that Anterix Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Transactions at Anterix

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

Hedge Funds Weigh In On Anterix

Several institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted 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 worth $420,000 after purchasing an additional 1,659 shares in the last quarter. Millennium Management LLC lifted 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 buying an additional 39,143 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in 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 buying an additional 18,771 shares in the last quarter. Inspire Investing LLC grew its holdings in Anterix by 61.0% during the 2nd quarter. Inspire Investing LLC now owns 15,158 shares of the company’s stock valued at $389,000 after buying an additional 5,744 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Anterix in the 2nd quarter worth approximately $48,000. 87.67% of the stock is owned by hedge funds and other institutional investors.

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.