Anterix (NASDAQ:ATEX) Shares Gap Up Following Analyst Upgrade

Shares of Anterix Inc. (NASDAQ:ATEX) gapped up prior to trading on Thursday after B. Riley Financial upgraded the stock from a neutral rating to a buy rating. The stock had previously closed at $76.53, but opened at $81.03. B. Riley Financial now has a $103.00 price target on the stock, up from their previous price target of $86.00. Anterix shares last traded at $80.9690, with a volume of 15,017 shares trading hands.

A number of other analysts have also weighed in on the stock. Weiss Ratings lowered shares of Anterix from a “hold (c)” rating to a “sell (d+)” rating in a research note on Wednesday. Clear Str raised shares of Anterix to a “strong-buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. reduced their price target on shares of Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Wall Street Zen cut shares of Anterix from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, DA Davidson set a $161.00 price objective on shares of Anterix in a research note on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $131.33.

Insiders Place Their Bets

In other news, Director William Heard sold 46,400 shares of Anterix stock in a transaction on Friday, August 14th. The stock was sold at an average price of $90.11, for a total value of $4,181,104.00. Following the transaction, the director directly owned 1,670,338 shares in the company, valued at approximately $150,514,157.18. This trade represents a 2.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Thomas Kuhn sold 10,000 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $88.85, for a total value of $888,500.00. Following the completion of the transaction, the chairman directly owned 17,731 shares of the company’s stock, valued at approximately $1,575,399.35. The trade was a 36.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 124,841 shares of company stock worth $10,975,765. Insiders own 40.05% of the company’s stock.

Trending Headlines about Anterix

These are some of the ATEX headlines that stood out recently:

• Positive Sentiment: B. Riley upgraded ATEX to Buy from Neutral and set a $103 price target, implying 34.6% upside from $76.53. Read More.
• Positive Sentiment: Management highlighted commercial potential and financial flexibility: Anterix cited 16 active opportunities and $107.5 million in cash, alongside scarce spectrum and significant contract revenue not yet collected. These factors could support future growth, though opportunities are not guaranteed contracts. Read More.
• Negative Sentiment: The company swung to a GAAP net loss compared with the prior-year quarter, while revenue missed expectations. The loss and small revenue base may weigh on sentiment despite the better-than-expected per-share result. Read More.

Hedge Funds Weigh In On Anterix

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in shares of Anterix by 17.2% during the first quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock valued at $6,408,000 after buying an additional 24,657 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Anterix in the 2nd quarter valued at about $3,192,000. Bank of New York Mellon Corp bought a new stake in shares of Anterix in the 2nd quarter valued at about $7,141,000. BlackRock Inc. purchased a new position in shares of Anterix in the 2nd quarter worth approximately $110,672,000. Finally, Moody Aldrich Partners LLC purchased a new position in shares of Anterix in the 3rd quarter worth approximately $1,162,000. Hedge funds and other institutional investors own 87.67% of the company’s stock.

Anterix Trading Up 4.9%

The stock has a market cap of $1.57 billion, a PE ratio of 205.87 and a beta of 0.87. The business’s 50-day moving average price is $81.30 and its 200-day moving average price is $67.22.

Anterix (NASDAQ:ATEX) last posted its earnings results on Tuesday, November 10th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. Anterix had a net margin of 96.23% and a negative return on equity of 11.34%. The company had revenue of $1.96 million during the quarter, compared to analysts’ expectations of $2.05 million. As a group, analysts predict that Anterix Inc. will post -2.00 earnings per share for the current year.

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.