Altice USA (NYSE:ATUS) Stock Price Down 5.7% – Here’s What Happened

Shares of Altice USA, Inc. (NYSE:ATUS) were down 5.7% on Tuesday . The stock traded as low as $2.47 and last traded at $2.47. Approximately 409,324 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,098,794 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Citigroup lifted their price target on Altice USA from $2.50 to $3.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. TD Cowen cut their price objective on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating on the stock in a research report on Tuesday, November 5th. Five analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.30.

Altice USA Price Performance

The stock’s 50 day moving average price is $2.53 and its two-hundred day moving average price is $2.22. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -6.70 and a beta of 1.50.

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

Insider Buying and Selling

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $24.50, for a total value of $19,728,061.50. Following the completion of the sale, the director now owns 38,055,771 shares in the company, valued at approximately $932,366,389.50. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 15,299,331 shares of company stock valued at $374,833,610. 52.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Altice USA

Institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its holdings in shares of Altice USA by 0.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,669,487 shares of the company’s stock valued at $11,566,000 after acquiring an additional 24,501 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in Altice USA during the 2nd quarter valued at about $25,000. XTX Topco Ltd lifted its holdings in Altice USA by 112.1% during the 2nd quarter. XTX Topco Ltd now owns 81,314 shares of the company’s stock valued at $166,000 after purchasing an additional 42,975 shares during the last quarter. King Street Capital Management L.P. bought a new stake in Altice USA during the second quarter worth about $5,100,000. Finally, Aristeia Capital L.L.C. acquired a new stake in shares of Altice USA during the second quarter worth approximately $657,000. 54.85% of the stock is owned by institutional investors and hedge funds.

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.