Panoramic Capital LLC Makes New Investment in Anterix Inc. $ATEX

Panoramic Capital LLC purchased a new stake in Anterix Inc. (NASDAQ:ATEX) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 154,377 shares of the company’s stock, valued at approximately $15,892,000. Anterix makes up 6.8% of Panoramic Capital LLC’s investment portfolio, making the stock its 2nd largest holding.

A number of other hedge funds also recently made changes to their positions in the business. Parallel Advisors LLC increased 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 period. Tower Research Capital LLC TRC boosted its holdings in Anterix by 299.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock valued at $42,000 after purchasing an additional 1,233 shares in the last quarter. Fifth Third Bancorp acquired a new stake in Anterix during the first quarter valued at approximately $64,000. Legal & General Group Plc bought a new stake in shares of Anterix in the 2nd quarter valued at approximately $222,000. Finally, Ieq Capital LLC acquired a new position in shares of Anterix in the 2nd quarter worth approximately $226,000. Institutional investors and hedge funds own 87.67% of the company’s stock.

Insider Transactions at Anterix

In other news, Chairman Thomas R. Kuhn sold 10,000 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $88.85, for a total transaction of $888,500.00. Following the sale, the chairman owned 17,731 shares in the company, valued at approximately $1,575,399.35. This represents a 36.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gena L. Ashe sold 17,711 shares of the 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 sale, the insider owned 9,531 shares in the company, valued at $774,965.61. The trade was a 65.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 182,163 shares of company stock worth $15,375,289. 40.05% of the stock is owned by company insiders.

Anterix Trading Up 1.9%

NASDAQ ATEX opened at $94.16 on Thursday. Anterix Inc. has a 1-year low of $17.58 and a 1-year high of $113.00. The company has a 50 day moving average of $95.10 and a 200-day moving average of $64.01. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 26.90 and a beta of 0.85.

Anterix (NASDAQ:ATEX) last announced its earnings results on Tuesday, August 11th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.44. The business had revenue of $1.96 million for the quarter, compared to the consensus estimate of $2.00 million. Anterix had a negative return on equity of 10.65% and a net margin of 933.03%. On average, analysts forecast that Anterix Inc. will post -2 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on ATEX. B. Riley Financial downgraded Anterix from a “buy” rating to a “neutral” rating and raised their target price for the stock from $44.00 to $69.00 in a research report on Thursday, June 4th. Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. cut their price objective on Anterix from $133.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. DA Davidson set a $161.00 price objective on Anterix in a report on Friday, August 21st. Finally, Wall Street Zen downgraded shares of Anterix from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Anterix presently has an average rating of “Moderate Buy” and a consensus target price of $120.00.

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.