Anterix (NASDAQ:ATEX) Hits New 52-Week High Following Analyst Upgrade

Anterix Inc. (NASDAQ:ATEX)’s stock price reached a new 52-week high 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 traded. The stock had previously closed at $100.35.

Several other equities research analysts also recently commented on ATEX. Wall Street Zen upgraded shares of Anterix from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. B. Riley Financial downgraded 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 report on Thursday, June 4th. Finally, Weiss Ratings upgraded Anterix from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, June 26th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.00.

Insider Buying and Selling

In other news, Director Mahvash Yazdi sold 7,000 shares of the company’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher Guttman-Mccabe sold 91,437 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $82.46, for a total transaction of $7,539,895.02. Following the completion of the sale, the insider owned 77,807 shares in the company, valued at $6,415,965.22. The trade was a 54.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 124,109 shares of company stock worth $10,174,158 in the last quarter. 40.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Anterix

Several hedge funds have recently added to or reduced their stakes in ATEX. Parallel Advisors LLC raised its stake in shares of Anterix by 63.7% during the 1st quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock valued at $36,000 after buying an additional 363 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Anterix by 299.3% during the second quarter. Tower Research Capital LLC TRC now owns 1,645 shares of the company’s stock worth $42,000 after acquiring an additional 1,233 shares during the period. Quantbot Technologies LP purchased a new position in Anterix during the third quarter valued at approximately $57,000. BNP Paribas Financial Markets lifted its stake in shares of Anterix by 119.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,404 shares of the company’s stock valued at $62,000 after purchasing an additional 1,308 shares during the period. Finally, Fifth Third Bancorp acquired a new position in shares of Anterix in the 1st quarter valued at $64,000. 87.67% of the stock is owned by hedge funds and other institutional investors.

Anterix Price Performance

The stock has a market capitalization of $2.06 billion, a PE ratio of 21.86 and a beta of 0.83. The stock’s fifty day moving average is $80.64 and its 200-day moving average is $51.29.

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.