Altice USA (NYSE:ATUS) Shares Down 3.6% – Here’s What Happened

Altice USA, Inc. (NYSE:ATUS)’s share price fell 3.6% during trading on Thursday . The company traded as low as $2.40 and last traded at $2.41. 247,415 shares were traded during trading, a decline of 93% from the average session volume of 3,478,171 shares. The stock had previously closed at $2.50.

Wall Street Analysts Forecast Growth

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

Altice USA Price Performance

The company has a fifty day moving average price of $2.53 and a 200 day moving average price of $2.21. The stock has a market cap of $1.11 billion, a P/E ratio of -6.51 and a beta of 1.53.

Altice USA (NYSE:ATUS) last released its quarterly earnings data 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 the consensus estimate of $2.24 billion. During the same period last year, the business posted $0.15 earnings per share. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 15,299,331 shares of company stock worth $374,833,610 over the last 90 days. 52.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Altice USA

Several hedge funds have recently modified their holdings of ATUS. Geode Capital Management LLC grew its position in Altice USA by 7.7% during the third quarter. Geode Capital Management LLC now owns 2,682,757 shares of the company’s stock valued at $6,602,000 after buying an additional 191,508 shares during the period. Barclays PLC increased its stake in shares of 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 holdings in shares of Altice USA by 476.7% in 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 period. Wolverine Trading LLC purchased a new position in Altice USA in the third quarter valued at approximately $39,000. Finally, State Street Corp grew its holdings in Altice USA by 2.8% during the third quarter. State Street Corp now owns 1,534,608 shares of the company’s stock valued at $3,775,000 after purchasing an additional 41,868 shares during the period. Institutional investors 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.