Anterix (NASDAQ:ATEX) Hits New 52-Week High – Here’s Why

Shares of Anterix Inc. (NASDAQ:ATEX) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $88.21 and last traded at $86.99, with a volume of 440232 shares. The stock had previously closed at $81.00.

Analyst Ratings Changes

A number of analysts have recently commented on ATEX shares. B. Riley Financial lowered Anterix from a “buy” rating to a “neutral” rating and boosted their price target for the company from $44.00 to $69.00 in a report on Thursday, June 4th. Weiss Ratings upgraded Anterix from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Anterix has an average rating of “Hold” and an average target price of $59.50.

Anterix Price Performance

The firm has a market cap of $1.65 billion, a P/E ratio of 18.08 and a beta of 0.95. The business’s 50-day moving average is $60.76 and its two-hundred day moving average is $41.06.

Insider Buying and Selling

In related news, Director Mahvash Yazdi sold 7,000 shares of the stock in a transaction that occurred on 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 approximately $1,552,560. This represents a 26.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Gena L. Ashe sold 17,711 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.31, for a total value of $1,440,081.41. Following the completion of the transaction, the insider owned 9,531 shares of the company’s stock, valued at approximately $774,965.61. This represents a 65.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 124,109 shares of company stock worth $10,174,158 over the last three months. Company insiders own 45.61% of the company’s stock.

Hedge Funds Weigh In On Anterix

Institutional investors have recently added to or reduced their stakes in the company. 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 acquiring an additional 363 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares during the last quarter. Fifth Third Bancorp bought a new stake in shares of Anterix in the 1st quarter valued at about $64,000. BNP Paribas Financial Markets raised its holdings in shares of Anterix by 119.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after purchasing an additional 1,308 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in Anterix in the 3rd quarter valued at about $57,000. 87.67% of the stock is currently owned by institutional investors and hedge funds.

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.