Altice USA (NYSE:ATUS) Stock Price Down 7.7% – Here’s Why

Shares of Altice USA, Inc. (NYSE:ATUS) traded down 7.7% on Wednesday . The company traded as low as $2.69 and last traded at $2.69. 6,340,777 shares were traded during trading, an increase of 103% from the average session volume of 3,117,467 shares. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

ATUS has been the subject of several research analyst reports. TD Cowen dropped their price objective on Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Citigroup upped their price target on shares of Altice USA from $2.50 to $3.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Five investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $2.30.

Altice USA Price Performance

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.32 and a beta of 1.52. The business’s 50-day moving average price is $2.63 and its 200 day moving average price is $2.37.

Insider Buying and Selling at Altice USA

In other news, Director Alt S.A.R.L. Next sold 805,227 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were 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 owns 25,172,139 shares of the company’s stock, valued at approximately $616,717,405.50. The trade was a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 9,662,742 shares of company stock worth $236,737,179 over the last quarter. 52.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Altice USA

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE boosted its holdings in shares of Altice USA by 30.2% in the third quarter. US Bancorp DE now owns 21,530 shares of the company’s stock worth $53,000 after buying an additional 5,000 shares during the period. Swiss National Bank boosted its stake in Altice USA by 2.0% in the 4th quarter. Swiss National Bank now owns 407,700 shares of the company’s stock worth $983,000 after purchasing an additional 8,000 shares during the period. LPL Financial LLC purchased a new position in Altice USA during the 4th quarter worth approximately $25,000. Quadrature Capital Ltd purchased a new position in Altice USA during the 3rd quarter worth approximately $27,000. Finally, Raymond James Financial Inc. acquired a new stake in Altice USA during the 4th quarter valued at $30,000. 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.