Wall Street Zen Downgrades Anterix (NASDAQ:ATEX) to Sell

Anterix (NASDAQ:ATEX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

A number of other brokerages also recently issued reports on ATEX. Clear Str raised shares of Anterix to a “strong-buy” rating in a report on Monday, July 27th. Weiss Ratings upgraded shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 26th. B. Riley Financial lowered shares of Anterix from a “buy” rating to a “neutral” rating and increased their target price for the stock from $44.00 to $69.00 in a research note on Thursday, June 4th. Finally, JPMorgan Chase & Co. dropped their target price on Anterix from $133.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Anterix presently has an average rating of “Moderate Buy” and a consensus target price of $99.50.

Anterix Stock Performance

Shares of ATEX stock opened at $91.53 on Friday. The stock has a 50 day moving average of $92.56 and a 200 day moving average of $60.40. The stock has a market cap of $1.79 billion, a P/E ratio of 26.15 and a beta of 0.85. Anterix has a twelve month low of $17.58 and a twelve month high of $113.00.

Anterix (NASDAQ:ATEX) last announced 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. The company had revenue of $1.96 million during the quarter, compared to the consensus estimate of $2.00 million. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%. On average, research analysts predict that Anterix will post -2.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 value of $279,405.00. Following the completion of the sale, the director 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mahvash Yazdi sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $80.00, for a total transaction of $560,000.00. Following the transaction, the director owned 19,407 shares of the company’s stock, valued at $1,552,560. This represents a 26.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 124,109 shares of company stock worth $10,174,158 in the last 90 days. 40.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ATEX. Parallel Advisors LLC lifted its stake in Anterix by 63.7% in the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after buying an additional 363 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in 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 buying an additional 1,233 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of Anterix during the first quarter valued at approximately $64,000. Legal & General Group Plc purchased a new position in shares of Anterix in the second quarter valued at approximately $222,000. Finally, Ieq Capital LLC purchased a new position in shares of Anterix in the second quarter valued at approximately $226,000. Institutional investors and hedge funds own 87.67% of the company’s stock.

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.