Anterix (NASDAQ:ATEX) Posts Quarterly Earnings Results, Beats Expectations By $0.44 EPS

Anterix (NASDAQ:ATEX) issued its quarterly earnings results on Tuesday. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.44, FiscalAI reports. Anterix had a negative return on equity of 11.23% and a net margin of 1,394.17%.The company had revenue of $1.96 million for the quarter, compared to analysts’ expectations of $2.00 million.

Anterix Stock Up 0.2%

Shares of NASDAQ:ATEX traded up $0.15 on Tuesday, hitting $92.94. 540,641 shares of the company traded hands, compared to its average volume of 397,566. Anterix has a 52 week low of $17.58 and a 52 week high of $113.00. The stock has a 50 day simple moving average of $90.63 and a 200-day simple moving average of $58.51. The company has a market cap of $1.81 billion, a PE ratio of 19.20 and a beta of 0.85.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Anterix news, CFO Elena Marquez sold 4,291 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $79.50, for a total transaction of $341,134.50. Following the completion of the sale, the chief financial officer directly owned 18,387 shares in the company, valued at approximately $1,461,766.50. This trade represents a 18.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mahvash Yazdi sold 7,000 shares of Anterix stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $80.00, for a total transaction of $560,000.00. Following the completion of the transaction, the director directly owned 19,407 shares of the company’s stock, valued at $1,552,560. This trade represents a 26.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 124,109 shares of company stock worth $10,174,158 over the last quarter. 40.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ATEX. Tower Research Capital LLC TRC increased its holdings in Anterix by 299.3% in 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. BNP Paribas Financial Markets lifted its stake in Anterix by 119.3% during the 2nd 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. Quantbot Technologies LP bought a new position in Anterix during the 3rd quarter valued at about $57,000. Virtus Advisers LLC purchased a new stake in shares of Anterix during the 3rd quarter valued at about $75,000. Finally, Toronto Dominion Bank purchased a new stake in shares of Anterix during the 4th quarter valued at about $94,000. 87.67% of the stock is owned by 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.