Anterix (NASDAQ:ATEX) Rating Increased to Hold at Wall Street Zen

Anterix (NASDAQ:ATEX) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Several other equities analysts also recently commented on the stock. Weiss Ratings upgraded shares of Anterix from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, April 21st. B. Riley Financial cut shares of Anterix from a “buy” rating to a “neutral” rating and raised their target price for the stock from $44.00 to $69.00 in a research note on Thursday, June 4th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.50.

Anterix Trading Up 10.7%

ATEX opened at $89.67 on Friday. Anterix has a 1-year low of $17.58 and a 1-year high of $90.00. The stock’s fifty day simple moving average is $61.80 and its 200 day simple moving average is $41.40. The stock has a market cap of $1.68 billion, a PE ratio of 18.53 and a beta of 0.95.

Insider Activity

In related news, Director Mark Fleischhauer sold 3,500 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $79.83, for a total value of $279,405.00. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Gena L. Ashe sold 17,711 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $81.31, for a total transaction of $1,440,081.41. Following the transaction, the insider directly owned 9,531 shares in the company, valued at approximately $774,965.61. This represents a 65.01% decrease in their ownership of the stock. 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 ninety days, insiders have sold 124,109 shares of company stock worth $10,174,158. Corporate insiders own 45.61% of the company’s stock.

Institutional Trading of Anterix

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of Anterix by 16.9% in the first quarter. AQR Capital Management LLC now owns 11,489 shares of the company’s stock valued at $420,000 after buying an additional 1,659 shares during the period. Millennium Management LLC grew its holdings in Anterix by 50.6% during the 1st quarter. Millennium Management LLC now owns 116,473 shares of the company’s stock worth $4,263,000 after acquiring an additional 39,143 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Anterix by 17.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 124,706 shares of the company’s stock valued at $4,564,000 after acquiring an additional 18,771 shares during the period. Legal & General Group Plc increased its position in Anterix by 19.7% in the 2nd quarter. Legal & General Group Plc now owns 11,303 shares of the company’s stock valued at $290,000 after acquiring an additional 1,857 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Anterix by 70.9% during the second quarter. Rhumbline Advisers now owns 27,998 shares of the company’s stock valued at $718,000 after acquiring an additional 11,615 shares during the last quarter. 87.67% of the stock is owned by institutional investors and hedge funds.

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.