Altice USA (NYSE:ATUS) Sees Unusually-High Trading Volume

Altice USA, Inc. (NYSE:ATUS) shares saw unusually-strong trading volume on Wednesday . Approximately 12,279,431 shares changed hands during trading, an increase of 244% from the previous session’s volume of 3,570,378 shares.The stock last traded at $1.82 and had previously closed at $1.63.

Analysts Set New Price Targets

Several equities research analysts recently commented on ATUS shares. Evercore ISI cut their target price on shares of Altice USA from $3.00 to $2.00 and set an “in-line” rating on the stock in a research report on Tuesday, July 2nd. UBS Group lowered shares of Altice USA from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $4.00 to $2.00 in a report on Friday, August 2nd. Finally, The Goldman Sachs Group began coverage on shares of Altice USA in a report on Monday, July 1st. They set a “sell” rating and a $2.00 price target for the company. Six analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Altice USA currently has an average rating of “Hold” and a consensus price target of $1.97.

Altice USA Trading Down 0.5 %

The firm’s 50-day moving average is $1.86 and its 200-day moving average is $2.17. The firm has a market cap of $846.33 million, a price-to-earnings ratio of 184.00, a P/E/G ratio of 0.66 and a beta of 1.48.

Altice USA (NYSE:ATUS) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.05). The business had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.25 billion. Altice USA had a negative net margin of 0.62% and a negative return on equity of 1.54%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.17 EPS. Analysts forecast that Altice USA, Inc. will post 0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Altice USA

Hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. boosted its holdings in shares of Altice USA by 265.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 150,000 shares of the company’s stock worth $306,000 after buying an additional 109,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Altice USA by 80.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 62,285 shares of the company’s stock worth $127,000 after buying an additional 27,725 shares during the last quarter. Mackenzie Financial Corp purchased a new position in shares of Altice USA in the 2nd quarter worth about $81,000. Empyrean Capital Partners LP purchased a new position in shares of Altice USA in the 2nd quarter worth about $4,080,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Altice USA in the 2nd quarter worth about $183,000. 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.