Anterix Inc. (NASDAQ:ATEX – Get Free Report) shares were down 8.6% on Thursday following insider selling activity. The company traded as low as $72.72 and last traded at $72.3160. Approximately 87,917 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 384,067 shares. The stock had previously closed at $79.16.
Specifically, Director Mahvash Yazdi sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was 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 approximately $1,552,560. This trade represents a 26.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark Fleischhauer sold 3,500 shares of Anterix stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $79.83, for a total value of $279,405.00. Following the completion of the transaction, the director directly owned 12,769 shares in the company, valued at approximately $1,019,349.27. This represents a 21.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, insider Gena L. Ashe sold 17,711 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.31, for a total transaction of $1,440,081.41. Following the transaction, the insider owned 9,531 shares of the company’s stock, valued at approximately $774,965.61. The trade was a 65.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Analyst Ratings Changes
Several brokerages have recently weighed in on ATEX. Weiss Ratings raised Anterix from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. B. Riley Financial lowered Anterix from a “buy” rating to a “neutral” rating and upped their target price for the company from $44.00 to $69.00 in a research note on Thursday, June 4th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.50.
Anterix Stock Performance
The firm has a 50 day moving average price of $56.03 and a two-hundred day moving average price of $38.64. The company has a market capitalization of $1.34 billion, a P/E ratio of 14.78 and a beta of 0.95.
Institutional Trading of Anterix
Several institutional investors have recently bought and sold shares of ATEX. Jefferies Financial Group Inc. acquired a new position in Anterix during the fourth quarter worth $9,922,000. Millennium Management LLC boosted its stake in shares of Anterix by 1,153.1% in the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock valued at $9,604,000 after purchasing an additional 404,838 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of Anterix by 0.8% in the 1st quarter. Gamco Investors INC. ET AL now owns 425,820 shares of the company’s stock valued at $16,262,000 after purchasing an additional 3,350 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Anterix by 30.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 424,856 shares of the company’s stock worth $16,223,000 after purchasing an additional 99,933 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Anterix by 5.4% in the 4th quarter. State Street Corp now owns 333,788 shares of the company’s stock worth $7,287,000 after purchasing an additional 17,017 shares during the last quarter. Institutional investors and hedge funds 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.
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