Anterix (NASDAQ:ATEX) Reaches New 12-Month High After Analyst Upgrade

Anterix Inc. (NASDAQ:ATEX) shares hit a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $50.00 to $133.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Anterix traded as high as $113.00 and last traded at $109.7730, with a volume of 65402 shares. The stock had previously closed at $100.35.

ATEX has been the subject of a number of other reports. Wall Street Zen raised Anterix from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, June 26th. Finally, B. Riley Financial lowered Anterix from a “buy” rating to a “neutral” rating and boosted their price target 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 Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Anterix currently has a consensus rating of “Hold” and an average price target of $101.00.

Insider Activity

In related news, insider Christopher Guttman-Mccabe sold 91,437 shares of Anterix stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $82.46, for a total transaction of $7,539,895.02. Following the completion of the transaction, the insider directly owned 77,807 shares of the company’s stock, valued at $6,415,965.22. This trade represents a 54.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mahvash Yazdi sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $80.00, for a total transaction of $560,000.00. Following the completion of the transaction, the director owned 19,407 shares in the company, valued at approximately $1,552,560. This trade represents a 26.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 124,109 shares of company stock worth $10,174,158 over the last ninety days. Corporate insiders own 40.05% of the company’s stock.

Hedge Funds Weigh In On Anterix

Institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its holdings in shares of Anterix by 63.7% during the first quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $36,000 after purchasing an additional 363 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Anterix by 17.2% in the first quarter. Bank of America Corp DE now owns 167,781 shares of the company’s stock valued at $6,408,000 after buying an additional 24,657 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Anterix by 151.2% in the first quarter. Royal Bank of Canada now owns 3,034 shares of the company’s stock valued at $116,000 after buying an additional 1,826 shares during the last quarter. Quantinno Capital Management LP lifted its position in Anterix by 64.6% during the 1st quarter. Quantinno Capital Management LP now owns 15,619 shares of the company’s stock worth $596,000 after buying an additional 6,132 shares in the last quarter. Finally, Gamco Investors INC. ET AL lifted its position in Anterix by 0.8% during the 1st quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock worth $16,262,000 after buying an additional 3,350 shares in the last quarter. Institutional investors and hedge funds own 87.67% of the company’s stock.

Anterix Trading Up 1.5%

The business’s fifty day simple moving average is $79.61 and its 200 day simple moving average is $50.70. The stock has a market cap of $1.99 billion, a P/E ratio of 21.05 and a beta of 0.83.

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.