Anterix (NASDAQ:ATEX) Shares Gap Down – Here’s Why

Anterix Inc. (NASDAQ:ATEX) gapped down before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ATEX shares. Zacks Research cut shares of Anterix from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. reduced their target price on shares of Anterix from $67.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Anterix in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.00.

Anterix Stock Down 0.6%

The company’s 50 day moving average price is $23.73 and its two-hundred day moving average price is $22.10. The firm has a market cap of $552.34 million, a PE ratio of 5.79 and a beta of 0.86.

Anterix (NASDAQ:ATEX) last issued its quarterly earnings results on Wednesday, February 11th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.57) by $0.22. Anterix had a net margin of 1,614.08% and a negative return on equity of 14.95%. The company had revenue of $1.57 million for the quarter, compared to the consensus estimate of $1.47 million. On average, analysts expect that Anterix Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Anterix news, CEO Scott A. Lang acquired 2,450 shares of the business’s stock in a transaction on Monday, December 8th. The shares were bought at an average price of $20.41 per share, with a total value of $50,004.50. Following the transaction, the chief executive officer directly owned 7,100 shares of the company’s stock, valued at $144,911. The trade was a 52.69% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Gena L. Ashe sold 6,564 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $21.07, for a total value of $138,303.48. Following the completion of the sale, the insider owned 13,366 shares in the company, valued at approximately $281,621.62. The trade was a 32.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 45.61% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ATEX. Gamco Investors INC. ET AL lifted its holdings in Anterix by 35.0% during the 2nd quarter. Gamco Investors INC. ET AL now owns 273,425 shares of the company’s stock valued at $7,013,000 after buying an additional 70,855 shares in the last quarter. 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 during the period. AYAL Capital Advisors Ltd increased 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 worth $6,160,000 after acquiring an additional 141,500 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of Anterix during the second quarter valued at approximately $1,588,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Anterix by 8.7% in the second quarter. Geode Capital Management LLC now owns 383,557 shares of the company’s stock valued at $9,840,000 after purchasing an additional 30,575 shares during the period. 87.67% of the stock is currently owned by institutional investors.

About Anterix

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.