Altice USA (NYSE:ATUS) Shares Gap Up – Here’s Why

Altice USA, Inc. (NYSE:ATUS) gapped up prior to trading on Wednesday . The stock had previously closed at $2.40, but opened at $2.49. Altice USA shares last traded at $2.47, with a volume of 56,762 shares trading hands.

Analysts Set New Price Targets

Separately, TD Cowen decreased their price target on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Five research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.22.

Altice USA Stock Up 2.9 %

The stock has a market capitalization of $1.14 billion, a PE ratio of -6.49 and a beta of 1.53. The business’s 50-day moving average is $2.50 and its two-hundred day moving average is $2.20.

Altice USA (NYSE:ATUS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.13). Altice USA had a negative return on equity of 1.54% and a negative net margin of 1.85%. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, analysts anticipate that Altice USA, Inc. will post -0.01 EPS for the current year.

Insider Activity at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $24.50, for a total value of $19,728,061.50. Following the transaction, the director now directly owns 38,860,998 shares of the company’s stock, valued at approximately $952,094,451. The trade was a 2.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 11,273,181 shares of company stock worth $276,192,935 in the last quarter. Company insiders own 52.90% of the company’s stock.

Institutional Trading of Altice USA

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC acquired a new stake in Altice USA in the second quarter valued at $25,000. Quadrature Capital Ltd acquired a new stake in shares of Altice USA in the third quarter valued at about $27,000. D.A. Davidson & CO. acquired a new stake in shares of Altice USA in the third quarter valued at about $32,000. Wolverine Trading LLC purchased a new stake in Altice USA during the third quarter worth about $39,000. Finally, US Bancorp DE grew its position in Altice USA by 30.2% during the third quarter. US Bancorp DE now owns 21,530 shares of the company’s stock worth $53,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Altice USA Company Profile

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.