Anterix (NASDAQ:ATEX) Trading Down 4.8% – Here’s What Happened

Anterix Inc. (NASDAQ:ATEX) traded down 4.8% during mid-day trading on Wednesday . The company traded as low as $32.00 and last traded at $32.1950. 395,215 shares traded hands during trading, an increase of 6% from the average session volume of 372,568 shares. The stock had previously closed at $33.82.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ATEX shares. Zacks Research downgraded shares of Anterix from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 5th. Weiss Ratings upgraded Anterix from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $50.00.

Anterix Price Performance

The business has a fifty day simple moving average of $24.61 and a 200 day simple moving average of $22.38. The firm has a market cap of $617.72 million, a price-to-earnings ratio of 7.58 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, topping the consensus estimate of ($0.57) by $0.22. The firm had revenue of $1.57 million during the quarter, compared to analysts’ expectations of $1.47 million. Anterix had a negative return on equity of 12.26% and a net margin of 1,370.92%. On average, research analysts anticipate that Anterix Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Activity at Anterix

In other Anterix news, CEO Scott A. Lang purchased 1,160 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were purchased at an average cost of $21.61 per share, for a total transaction of $25,067.60. Following the completion of the transaction, the chief executive officer owned 8,260 shares of the company’s stock, valued at $178,498.60. The trade was a 16.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 45.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of Anterix by 16.9% in the first quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock valued at $420,000 after purchasing an additional 1,659 shares during the last quarter. Millennium Management LLC boosted its stake in Anterix by 50.6% during the first quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock worth $4,263,000 after buying an additional 39,143 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Anterix by 17.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company’s stock valued at $4,564,000 after buying an additional 18,771 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in Anterix in the 2nd quarter valued at $48,000. Finally, AlphaQuest LLC increased its stake in shares of Anterix by 91.1% in the 2nd quarter. AlphaQuest LLC now owns 4,816 shares of the company’s stock worth $124,000 after acquiring an additional 2,296 shares during the last quarter. 87.67% of the stock is owned by hedge funds and other 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.