Anterix (NASDAQ:ATEX) Reaches New 52-Week High on Analyst Upgrade

Shares of Anterix Inc. (NASDAQ:ATEX – Get Free Report) reached a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $100.35.

A number of other research firms also recently issued reports on ATEX. Wall Street Zen upgraded shares of Anterix from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings upgraded shares of Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. Finally, B. Riley Financial downgraded Anterix from a “buy” rating to a “neutral” rating and upped 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 Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Anterix presently has an average rating of “Hold” and an average price target of $101.00.

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Insider Activity

In other Anterix news, insider Christopher Guttman-Mccabe sold 91,437 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $82.46, for a total value 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 Securities & Exchange Commission, which is available at this link. Also, insider Gena L. Ashe sold 17,711 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.31, for a total value of $1,440,081.41. Following the completion of the sale, the insider directly owned 9,531 shares in the company, valued at approximately $774,965.61. The trade was a 65.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 124,109 shares of company stock valued at $10,174,158. 40.05% of the stock is currently owned by insiders.

Institutional Trading of Anterix

Several institutional investors have recently added to or reduced their stakes in ATEX. Jefferies Financial Group Inc. bought a new stake in shares of Anterix in the 4th quarter valued at about $9,922,000. Millennium Management LLC increased its stake in Anterix by 1,153.1% in the 4th quarter. Millennium Management LLC now owns 439,946 shares of the company’s stock worth $9,604,000 after purchasing an additional 404,838 shares during the period. Beartown Capital Management LLC bought a new stake in Anterix in the fourth quarter valued at approximately $3,165,000. Gamco Investors INC. ET AL boosted its stake in shares of Anterix by 32.0% during the fourth quarter. Gamco Investors INC. ET AL now owns 422,470 shares of the company’s stock valued at $9,223,000 after purchasing an additional 102,400 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Anterix by 30.8% in the first 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. 87.67% of the stock is currently owned by hedge funds and other institutional investors.

Anterix Price Performance

The firm’s 50 day moving average is $78.69 and its 200 day moving average is $50.13. The company has a market capitalization of $2.08 billion, a PE ratio of 21.94 and a beta of 0.83.

Anterix Company Profile

(Get Free Report)

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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