Readystate Asset Management LP Decreases Stake in Altice USA, Inc. (NYSE:ATUS)

Readystate Asset Management LP lowered its position in shares of Altice USA, Inc. (NYSE:ATUS) by 31.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 268,018 shares of the company’s stock after selling 125,264 shares during the quarter. Readystate Asset Management LP owned about 0.06% of Altice USA worth $659,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in Altice USA in the 2nd quarter worth approximately $25,000. D.A. Davidson & CO. purchased a new position in Altice USA in the 3rd quarter worth approximately $32,000. US Bancorp DE boosted its holdings in Altice USA by 30.2% in the 3rd quarter. US Bancorp DE now owns 21,530 shares of the company’s stock worth $53,000 after acquiring an additional 5,000 shares during the period. nVerses Capital LLC purchased a new position in Altice USA in the 3rd quarter worth approximately $74,000. Finally, Mackenzie Financial Corp acquired a new position in shares of Altice USA in the 2nd quarter valued at approximately $81,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Insider Activity at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the stock in a transaction 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 sale, the director now directly owns 38,055,771 shares of the company’s stock, valued at $932,366,389.50. This trade represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 9,662,724 shares of company stock valued at $236,736,738. Corporate insiders own 52.90% of the company’s stock.

Altice USA Trading Up 2.8 %

ATUS stock opened at $2.56 on Friday. The firm has a market cap of $1.18 billion, a P/E ratio of -6.92 and a beta of 1.53. Altice USA, Inc. has a 12-month low of $1.52 and a 12-month high of $3.66. The stock’s 50 day simple moving average is $2.50 and its 200 day simple moving average is $2.20.

Altice USA (NYSE:ATUS) last posted its quarterly earnings results 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). The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.24 billion. Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. The business’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. On average, research analysts forecast that Altice USA, Inc. will post -0.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, TD Cowen cut their target price on 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 research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.22.

Altice USA 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.