Anterix (NASDAQ:ATEX) Shares Down 6.3% – Here’s What Happened

Anterix Inc. (NASDAQ:ATEX)’s share price was down 6.3% during mid-day trading on Wednesday. The stock traded as low as $70.34 and last traded at $70.7080. 71,797 shares traded hands during trading, a decline of 80% from the average daily volume of 367,150 shares. The stock had previously closed at $75.47.

Latest Anterix News

Investors following ATEX have been watching these news items:

• Positive Sentiment: Anterix posted a loss of $0.25 per share, narrower than the $0.30 loss consensus cited by some reports (and the $0.45 Zacks estimate). The smaller-than-expected loss is the clearest favorable surprise in the quarter. Earnings Beat Might Change The Case For Investing In Anterix
• Negative Sentiment: Revenue was about $1.96 million, below estimates of roughly $2.05–$2.1 million. The company also swung to a loss from a $0.14-per-share loss in the year-ago quarter, a deterioration that may temper the earnings beat. Anterix Reports Q2 Loss, Misses Revenue Estimates

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Clear Str raised shares of Anterix to a “strong-buy” rating in a research report on Monday, July 27th. DA Davidson set a $161.00 price target on Anterix in a research report on Friday, August 21st. JPMorgan Chase & Co. reduced their price target on Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Wall Street Zen downgraded Anterix from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Weiss Ratings lowered Anterix from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, October 26th. One 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $120.00.

Anterix Trading Up 5.7%

The firm has a 50-day moving average of $81.56 and a two-hundred day moving average of $66.96. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 22.79 and a beta of 0.87.

Anterix (NASDAQ:ATEX) last released its earnings results on Tuesday, November 10th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%. The firm had revenue of $1.96 million for the quarter, compared to analyst estimates of $2.05 million. As a group, equities analysts anticipate that Anterix Inc. will post -2.00 EPS for the current year.

Insider Buying and Selling at Anterix

In related news, Director William Heard sold 46,400 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $90.11, for a total transaction of $4,181,104.00. Following the completion of the transaction, the director directly owned 1,670,338 shares in the company, valued at $150,514,157.18. This represents a 2.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott Lang sold 15,000 shares of the stock in a transaction on Monday, September 21st. The shares were sold at an average price of $80.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the chief executive officer directly owned 26,470 shares of the company’s stock, valued at approximately $2,117,600. This trade represents a 36.17% 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 124,841 shares of company stock valued at $10,975,765 in the last three months. 40.05% of the stock is owned by insiders.

Institutional Trading of Anterix

A number of hedge funds have recently modified their holdings of ATEX. State of Wyoming bought a new stake in shares of Anterix during the third quarter valued at approximately $27,000. Sterling Capital Management LLC raised its stake in shares of Anterix by 850.0% in the 3rd quarter. Sterling Capital Management LLC now owns 380 shares of the company’s stock valued at $30,000 after buying an additional 340 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Anterix in the 2nd quarter valued at $35,000. Parallel Advisors LLC raised its stake in shares of 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. Finally, Fifth Third Bancorp bought a new position in shares of Anterix during the 1st quarter worth about $64,000. Institutional investors own 87.67% of the company’s stock.

Anterix Company Profile

Anterix Inc. provides licensed wireless spectrum for private broadband networks, primarily serving electric, gas and water utilities and other critical-infrastructure organizations. Its business focuses on making 900 MHz spectrum available to customers that want dedicated communications networks for operational needs such as grid monitoring, automation and resilience. The company’s spectrum holdings cover areas across the United States. Anterix works with utilities and technology partners to support the development of private LTE networks, offering spectrum access and related planning and ecosystem support rather than operating a public mobile network.