Anterix (NASDAQ:ATEX) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Anterix (NASDAQ:ATEX) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Several other research analysts have also weighed in on ATEX. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Anterix in a research report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their target price on shares of Anterix from $67.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Anterix Trading Up 2.0%

Shares of ATEX stock opened at $22.42 on Wednesday. The firm’s fifty day moving average price is $20.93 and its two-hundred day moving average price is $21.89. Anterix has a 1 year low of $17.58 and a 1 year high of $42.91. The firm has a market capitalization of $419.64 million, a P/E ratio of 4.39 and a beta of 0.86.

Anterix (NASDAQ:ATEX) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.51. The company had revenue of $1.55 million during the quarter, compared to the consensus estimate of $1.43 million. Anterix had a net margin of 1,614.08% and a negative return on equity of 14.95%. As a group, equities research analysts forecast that Anterix will post -1.53 EPS for the current fiscal year.

Insider Activity at Anterix

In other news, insider Gena L. Ashe sold 6,564 shares of the firm’s stock in a transaction that occurred 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 directly owned 13,366 shares of the company’s stock, valued at $281,621.62. This trade represents a 32.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Scott A. Lang bought 1,160 shares of Anterix stock in a transaction dated Thursday, December 18th. The shares were acquired at an average price of $21.61 per share, with a total value of $25,067.60. Following the completion of the purchase, the chief executive officer directly owned 8,260 shares in the company, valued at $178,498.60. This trade represents a 16.34% increase in their position. The disclosure for this purchase is available in the SEC filing. 45.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Anterix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Garnet Equity Capital Holdings Inc. raised its position in shares of Anterix by 2.6% in the second quarter. Garnet Equity Capital Holdings Inc. now owns 397,395 shares of the company’s stock valued at $10,193,000 after purchasing an additional 10,000 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Anterix by 8.7% during the 2nd quarter. Geode Capital Management LLC now owns 383,557 shares of the company’s stock worth $9,840,000 after buying an additional 30,575 shares during the period. Gamco Investors INC. ET AL grew its stake in Anterix by 17.1% in the 3rd quarter. Gamco Investors INC. ET AL now owns 320,070 shares of the company’s stock valued at $6,872,000 after buying an additional 46,645 shares during the last quarter. Marshall Wace LLP grew its stake in Anterix by 51.6% in the 3rd quarter. Marshall Wace LLP now owns 286,581 shares of the company’s stock valued at $6,153,000 after buying an additional 97,601 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in Anterix by 52.2% in the 3rd quarter. Gabelli Funds LLC now owns 286,282 shares of the company’s stock valued at $6,146,000 after acquiring an additional 98,130 shares during the period. 87.67% of the stock is 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.