Altice USA (NYSE:ATUS) Shares Down 6.2% After Insider Selling

Altice USA, Inc. (NYSE:ATUS) shares were down 6.2% during mid-day trading on Monday following insider selling activity. The company traded as low as $2.42 and last traded at $2.42. Approximately 1,475,947 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 3,484,560 shares. The stock had previously closed at $2.58.

Specifically, Director Alt S.A.R.L. Next sold 805,227 shares of the company’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the completion of the transaction, the director now directly owns 16,314,642 shares of the company’s stock, valued at $399,708,729. This represents a 4.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alt S.A.R.L. Next sold 805,227 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was 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 17,925,096 shares of the company’s stock, valued at $439,164,852. This represents a 4.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Separately, TD Cowen reduced their price objective on 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 equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.22.

Altice USA Price Performance

The firm has a 50 day simple moving average of $2.50 and a 200-day simple moving average of $2.20.

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

Institutional Investors Weigh In On Altice USA

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its position in Altice USA by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,682,757 shares of the company’s stock worth $6,602,000 after purchasing an additional 191,508 shares during the last quarter. Barclays PLC raised its position in Altice USA by 120.3% during the 3rd quarter. Barclays PLC now owns 1,527,424 shares of the company’s stock worth $3,756,000 after purchasing an additional 834,030 shares during the last quarter. XTX Topco Ltd raised its position in Altice USA by 476.7% during the 3rd quarter. XTX Topco Ltd now owns 468,969 shares of the company’s stock worth $1,154,000 after purchasing an additional 387,655 shares during the last quarter. Wolverine Trading LLC bought a new position in Altice USA during the 3rd quarter worth $39,000. Finally, State Street Corp raised its position in Altice USA by 2.8% during the 3rd quarter. State Street Corp now owns 1,534,608 shares of the company’s stock worth $3,775,000 after purchasing an additional 41,868 shares during the last quarter. Institutional investors and hedge funds 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.