Altice USA (NYSE:ATUS) Stock Price Down 5.9% – Here’s Why

Altice USA, Inc. (NYSE:ATUS) shares dropped 5.9% during mid-day trading on Thursday . The company traded as low as $2.69 and last traded at $2.79. Approximately 596,444 shares were traded during trading, a decline of 80% from the average daily volume of 2,995,251 shares. The stock had previously closed at $2.96.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ATUS shares. TD Cowen reduced their price target on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a report on Tuesday, November 5th. Citigroup increased their price target on Altice USA from $2.50 to $3.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $2.30.

Altice USA Stock Down 1.7 %

The company has a market cap of $1.30 billion, a PE ratio of -7.59 and a beta of 1.50. The business has a 50-day simple moving average of $2.59 and a 200-day simple moving average of $2.31.

Altice USA (NYSE:ATUS) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.24 billion. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. On average, research analysts forecast that Altice USA, Inc. will post -0.06 EPS for the current fiscal year.

Insider Transactions at Altice USA

In related news, Director Alt S.A.R.L. Next sold 805,230 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $24.50, for a total transaction of $19,728,135.00. Following the transaction, the director now directly owns 6,651,882 shares in the company, valued at approximately $162,971,109. The trade was a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold 12,078,423 shares of company stock valued at $295,921,364 over the last 90 days. Corporate insiders own 52.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ATUS. Wolverine Trading LLC acquired a new stake in Altice USA during the third quarter worth about $39,000. Point72 Asset Management L.P. increased its holdings in shares of Altice USA by 487.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 880,985 shares of the company’s stock worth $2,167,000 after buying an additional 730,985 shares during the last quarter. Algert Global LLC raised its position in shares of Altice USA by 101.3% during the 3rd quarter. Algert Global LLC now owns 639,005 shares of the company’s stock valued at $1,572,000 after buying an additional 321,618 shares during the period. Barclays PLC lifted its holdings in Altice USA by 120.3% in the third quarter. Barclays PLC now owns 1,527,424 shares of the company’s stock valued at $3,756,000 after acquiring an additional 834,030 shares during the last quarter. Finally, LMR Partners LLP grew its position in Altice USA by 217.5% in the third quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock worth $7,380,000 after acquiring an additional 2,055,000 shares during the period. 54.85% of the stock is owned by hedge funds and other institutional investors.

About Altice USA

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to residential and business customers. The company's video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.