Anterix (NASDAQ:ATEX) Upgraded to Strong-Buy by Zacks Investment Research

Anterix (NASDAQ:ATEX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday, Zacks.com reports. The brokerage currently has a $51.00 price objective on the stock. Zacks Investment Research‘s target price points to a potential upside of 24.33% from the stock’s previous close.

According to Zacks, “Anterix Inc. operates as a wireless communications company. It focuses on enabling private broadband connectivity for critical infrastructure and enterprise businesses. The company operates primarily in the United States, Hawaii, Alaska and Puerto Rico. Anterix Inc., formerly known as pdvWireless Inc., is based in Woodland Park, New Jersey. “

Other analysts have also issued research reports about the stock. B. Riley set a $59.00 target price on shares of Anterix and gave the company a “buy” rating in a research report on Friday, August 16th. Evercore ISI initiated coverage on shares of Anterix in a research report on Friday, August 9th. They issued an “outperform” rating and a $61.00 target price on the stock. Finally, Morgan Stanley initiated coverage on shares of Anterix in a research report on Monday. They issued an “equal weight” rating and a $50.00 target price on the stock. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $60.20.

Shares of NASDAQ ATEX opened at $41.02 on Monday. The company’s 50-day simple moving average is $39.62 and its 200-day simple moving average is $43.18. Anterix has a 52-week low of $30.64 and a 52-week high of $51.33. The company has a current ratio of 19.88, a quick ratio of 19.88 and a debt-to-equity ratio of 0.03.

Anterix (NASDAQ:ATEX) last announced its earnings results on Wednesday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.59) by $0.13. Anterix had a negative net margin of 951.89% and a negative return on equity of 17.13%. The business had revenue of $0.42 million for the quarter, compared to analyst estimates of $0.40 million. Equities analysts expect that Anterix will post -2.25 EPS for the current fiscal year.

In other Anterix news, major shareholder Owl Creek Asset Management, L. purchased 73,900 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were purchased at an average cost of $40.56 per share, for a total transaction of $2,997,384.00. Also, major shareholder Stephen Feinberg sold 1,000,000 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $43.50, for a total transaction of $43,500,000.00. The disclosure for this sale can be found here. Insiders have purchased 476,929 shares of company stock worth $18,712,874 over the last 90 days. 6.74% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Lomas Capital Management LLC purchased a new position in Anterix during the second quarter worth about $67,174,000. BlackRock Inc. purchased a new position in Anterix during the second quarter worth about $31,107,000. Vanguard Group Inc. purchased a new position in Anterix during the second quarter worth about $29,277,000. Northern Trust Corp purchased a new position in Anterix during the second quarter worth about $5,889,000. Finally, Roubaix Capital LLC purchased a new position in Anterix during the third quarter worth about $3,303,000. 89.44% of the stock is currently owned by institutional investors.

About Anterix

Anterix Inc operates as a wireless communications company. The company focuses on enabling private broadband connectivity for critical infrastructure and enterprise businesses. It holds licensed spectrum in the 900 MHz band with nationwide coverage throughout the United States, Hawaii, Alaska, and Puerto Rico.

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