Anterix (NASDAQ:ATEX) Shares Gap Up – Still a Buy?

Shares of Anterix Inc. (NASDAQ:ATEX) gapped up before the market opened on Wednesday . The stock had previously closed at $25.93, but opened at $27.20. Anterix shares last traded at $27.1270, with a volume of 444,691 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. dropped their target price on Anterix from $67.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Zacks Research raised Anterix from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Anterix in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.00.

Anterix Trading Up 10.6%

The stock has a market cap of $536.80 million, a price-to-earnings ratio of 5.61 and a beta of 0.86. The company has a fifty day simple moving average of $22.13 and a 200-day simple moving average of $21.71.

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

Insider Buying and Selling at Anterix

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

Institutional Investors Weigh In On Anterix

A number of hedge funds and other institutional investors have recently made changes to their positions in ATEX. Tower Research Capital LLC TRC increased its stake in shares of Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in Anterix during the 2nd quarter valued at approximately $48,000. Quantbot Technologies LP acquired a new position in shares of Anterix during the third quarter worth approximately $57,000. BNP Paribas Financial Markets boosted its position in shares of Anterix by 119.3% in the second quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after acquiring an additional 1,308 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in shares of Anterix in the third quarter worth $75,000. 87.67% of the stock is owned by hedge funds and other institutional investors.

Anterix Company Profile

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.