Anterix (NASDAQ:ATEX) Shares Gap Down – Should You Sell?

Anterix Inc. (NASDAQ:ATEX)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $29.70, but opened at $27.35. Anterix shares last traded at $29.6050, with a volume of 54,495 shares trading hands.

Wall Street Analyst Weigh In

ATEX has been the subject of a number of research reports. JPMorgan Chase & Co. dropped their price objective on shares of Anterix from $67.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Weiss Ratings raised shares of Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Finally, Zacks Research cut shares of Anterix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Anterix presently has an average rating of “Hold” and a consensus price target of $50.00.

Anterix Price Performance

The company’s 50-day moving average price is $24.14 and its two-hundred day moving average price is $22.22. The company has a market capitalization of $597.30 million, a price-to-earnings ratio of 7.33 and a beta of 0.86.

Anterix (NASDAQ:ATEX) last announced its quarterly earnings data on Wednesday, February 11th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.57) by $0.22. The company had revenue of $1.57 million for the quarter, compared to the consensus estimate of $1.47 million. Anterix had a negative return on equity of 12.26% and a net margin of 1,370.92%. On average, equities research analysts expect that Anterix Inc. will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling at Anterix

In related news, insider Gena L. Ashe sold 6,564 shares of the business’s stock in a transaction on Tuesday, November 18th. The shares were 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 $281,621.62. The trade was a 32.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Scott A. Lang purchased 1,160 shares of Anterix stock in a transaction on Thursday, December 18th. The stock was bought at an average price of $21.61 per share, with a total value of $25,067.60. Following the completion of the acquisition, the chief executive officer directly owned 8,260 shares of the company’s stock, valued at approximately $178,498.60. This trade represents a 16.34% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 45.61% of the company’s stock.

Institutional Trading of Anterix

A number of hedge funds and other institutional investors have recently bought and sold shares of ATEX. SBI Securities Co. Ltd. increased its position in shares of Anterix by 374,815.0% during the third quarter. SBI Securities Co. Ltd. now owns 74,983 shares of the company’s stock worth $1,610,000 after acquiring an additional 74,963 shares in the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Anterix by 35.0% in the second quarter. Gamco Investors INC. ET AL now owns 273,425 shares of the company’s stock worth $7,013,000 after purchasing an additional 70,855 shares during the last quarter. AYAL Capital Advisors Ltd boosted its position in shares of Anterix by 143.4% during the second quarter. AYAL Capital Advisors Ltd now owns 240,171 shares of the company’s stock valued at $6,160,000 after buying an additional 141,500 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Anterix during the second quarter worth $1,588,000. Finally, Geode Capital Management LLC raised its position in Anterix by 8.7% in the 2nd quarter. Geode Capital Management LLC now owns 383,557 shares of the company’s stock valued at $9,840,000 after buying an additional 30,575 shares during the last quarter. Institutional investors 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.