JPMorgan Chase & Co. Cuts Anterix (NASDAQ:ATEX) Price Target to $130.00

Anterix (NASDAQ:ATEX) had its target price lowered by JPMorgan Chase & Co. from $133.00 to $130.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also commented on the company. Wall Street Zen upgraded Anterix from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings raised Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. Clear Str upgraded Anterix to a “strong-buy” rating in a research report on Monday, July 27th. Finally, B. Riley Financial lowered Anterix from a “buy” rating to a “neutral” rating and raised their price objective for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.50.

Anterix Stock Performance

ATEX stock opened at $91.53 on Thursday. The firm has a fifty day moving average price of $92.56 and a 200 day moving average price of $60.15. Anterix has a fifty-two week low of $17.58 and a fifty-two week high of $113.00. The firm has a market cap of $1.79 billion, a PE ratio of 26.15 and a beta of 0.85.

Anterix (NASDAQ:ATEX) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.44. Anterix had a net margin of 933.03% and a negative return on equity of 10.65%. The company had revenue of $1.96 million for the quarter, compared to the consensus estimate of $2.00 million. On average, equities analysts predict that Anterix will post -2.07 EPS for the current year.

Insider Transactions at Anterix

In related news, Director Mahvash Yazdi sold 7,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $80.00, for a total value of $560,000.00. Following the sale, the director directly owned 19,407 shares of the company’s stock, valued at $1,552,560. This represents a 26.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark Fleischhauer sold 3,500 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $79.83, for a total transaction of $279,405.00. Following the completion of the sale, the director directly owned 12,769 shares in the company, valued at $1,019,349.27. This trade represents a 21.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 124,109 shares of company stock worth $10,174,158. 40.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ATEX. Parallel Advisors LLC raised its holdings in shares of Anterix by 63.7% in the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after buying an additional 363 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Anterix by 299.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock valued at $42,000 after acquiring an additional 1,233 shares during the period. Quantbot Technologies LP purchased a new position in Anterix during the 3rd quarter valued at $57,000. BNP Paribas Financial Markets boosted its holdings in Anterix by 119.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after acquiring an additional 1,308 shares during the period. Finally, Fifth Third Bancorp bought a new position in Anterix in the 1st quarter valued at $64,000. Institutional investors own 87.67% of the company’s stock.

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.