Altice USA (NYSE:ATUS) Shares Down 5.7% – What’s Next?

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ATUS shares. Citigroup boosted their price objective on shares of Altice USA from $2.50 to $3.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. TD Cowen dropped 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 note on Tuesday, November 5th. Five investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2.30.

Altice USA Price Performance

The company’s 50 day simple moving average is $2.53 and its 200 day simple moving average is $2.22. The stock has a market cap of $1.14 billion, a P/E ratio of -6.70 and a beta of 1.50.

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

Insiders Place Their Bets

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of Altice USA stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $24.50, for a total value of $19,728,061.50. Following the sale, the director now owns 38,860,998 shares of the company’s stock, valued at approximately $952,094,451. This trade represents a 2.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 15,299,331 shares of company stock worth $374,833,610. Company insiders own 52.90% of the company’s stock.

Hedge Funds Weigh In On Altice USA

Several hedge funds have recently made changes to their positions in ATUS. 140 Summer Partners LP bought a new position in Altice USA in the third quarter valued at approximately $9,004,000. King Street Capital Management L.P. bought a new position in shares of Altice USA in the second quarter valued at $5,100,000. LMR Partners LLP increased its holdings in Altice USA by 217.5% during the third quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock worth $7,380,000 after buying an additional 2,055,000 shares during the last quarter. Empyrean Capital Partners LP bought a new stake in Altice USA during the second quarter worth $4,080,000. Finally, JPMorgan Chase & Co. raised its position in Altice USA by 1,617.7% during the third quarter. JPMorgan Chase & Co. now owns 1,902,834 shares of the company’s stock worth $4,681,000 after acquiring an additional 1,792,054 shares in the last quarter. 54.85% of the stock is owned by 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.