Anterix (NASDAQ:ATEX) Cut to “Hold” at Zacks Research

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

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. reduced their price objective on Anterix from $67.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Anterix in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $50.00.

Anterix Stock Up 9.3%

NASDAQ:ATEX opened at $28.39 on Thursday. Anterix has a twelve month low of $17.58 and a twelve month high of $42.91. The stock has a market cap of $531.46 million, a P/E ratio of 5.56 and a beta of 0.86. The business’s 50-day moving average price is $23.19 and its two-hundred day moving average price is $21.95.

Anterix (NASDAQ:ATEX) last announced its earnings results on Wednesday, November 12th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.51. The business had revenue of $1.55 million for 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%. On average, equities research analysts expect that Anterix will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling

In other Anterix news, CEO Scott A. Lang bought 2,450 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The stock was bought at an average cost of $20.41 per share, for a total transaction of $50,004.50. Following the completion of the transaction, the chief executive officer owned 7,100 shares of the company’s stock, valued at $144,911. This represents a 52.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gena L. Ashe sold 6,564 shares of Anterix stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $21.07, for a total transaction of $138,303.48. Following the transaction, the insider owned 13,366 shares in the company, valued at $281,621.62. This represents a 32.94% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 45.61% of the company’s stock.

Institutional Trading of Anterix

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AlphaQuest LLC lifted its position in shares of Anterix by 12.9% during the 3rd quarter. AlphaQuest LLC now owns 5,435 shares of the company’s stock valued at $117,000 after buying an additional 619 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Anterix by 12.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 5,760 shares of the company’s stock worth $148,000 after acquiring an additional 637 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Anterix by 17.0% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,084 shares of the company’s stock valued at $182,000 after purchasing an additional 1,029 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Anterix by 52.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 3,069 shares of the company’s stock worth $79,000 after purchasing an additional 1,052 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Anterix by 299.3% in the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after purchasing an additional 1,233 shares in the last quarter. Hedge funds and other 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.