Insider Selling: Anterix (NASDAQ:ATEX) Insider Sells 17,711 Shares of Stock

Anterix Inc. (NASDAQ:ATEX) insider Gena Ashe sold 17,711 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.31, for a total value of $1,440,081.41. Following the transaction, the insider owned 9,531 shares in the company, valued at $774,965.61. This trade represents a 65.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Anterix Price Performance

ATEX traded up $1.53 during trading hours on Wednesday, hitting $79.16. 469,364 shares of the stock were exchanged, compared to its average volume of 488,175. The stock has a 50-day simple moving average of $56.03 and a 200-day simple moving average of $38.64. Anterix Inc. has a 12 month low of $17.58 and a 12 month high of $88.12. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 16.36 and a beta of 0.95.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ATEX shares. Weiss Ratings upgraded Anterix from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, April 21st. B. Riley Financial cut Anterix from a “buy” rating to a “neutral” rating and raised their target price for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $59.50.

Institutional Investors Weigh In On Anterix

A number of hedge funds have recently added to or reduced their stakes in ATEX. Parallel Advisors LLC lifted its stake in Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after buying an additional 363 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Anterix by 299.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock valued at $42,000 after buying an additional 1,233 shares during the last quarter. Quantbot Technologies LP bought a new stake in Anterix in the third quarter valued at $57,000. BNP Paribas Financial Markets lifted its stake in Anterix by 119.3% in the second quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after buying an additional 1,308 shares during the last quarter. Finally, Fifth Third Bancorp bought a new stake in Anterix in the first quarter valued at $64,000. 87.67% of the stock is currently owned by institutional investors.

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.