Altice USA (NYSE:ATUS) Trading Down 3.2% – Here’s Why

Altice USA, Inc. (NYSE:ATUS) shares traded down 3.2% during trading on Wednesday . The stock traded as low as $2.63 and last traded at $2.61. 299,094 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 2,877,825 shares. The stock had previously closed at $2.69.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ATUS. Citigroup upped their target price on shares of Altice USA from $2.50 to $3.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Raymond James upgraded Altice USA from a “market perform” rating to an “outperform” rating and set a $3.50 price objective for the company in a report on Tuesday, February 18th. Five analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.15.

Altice USA Price Performance

The company has a fifty day moving average of $2.74 and a 200 day moving average of $2.58. The firm has a market capitalization of $1.21 billion, a P/E ratio of -11.35 and a beta of 1.58.

Altice USA (NYSE:ATUS) last posted its earnings results on Thursday, February 13th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.16). On average, sell-side analysts forecast that Altice USA, Inc. will post -0.24 EPS for the current year.

Institutional Trading of Altice USA

Several institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC bought a new stake in shares of Altice USA in the 4th quarter worth approximately $25,000. Quadrature Capital Ltd purchased a new stake in Altice USA in the third quarter worth about $27,000. Raymond James Financial Inc. bought a new stake in Altice USA during the 4th quarter valued at approximately $30,000. D.A. Davidson & CO. purchased a new position in shares of Altice USA during the 3rd quarter worth approximately $32,000. Finally, Wolverine Trading LLC purchased a new position in Altice USA during the third quarter valued at $39,000. 54.85% of the stock is currently 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.