Altice USA (NYSE:ATUS) Shares Gap Down After Earnings Miss

Altice USA, Inc. (NYSE:ATUS)’s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $2.59, but opened at $2.45. Altice USA shares last traded at $2.53, with a volume of 596,558 shares traded.

The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.13). The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.24 billion. Altice USA had a negative return on equity of 1.54% and a negative net margin of 0.62%. Altice USA’s revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.15 earnings per share.

Wall Street Analyst Weigh In

Separately, UBS Group downgraded shares of Altice USA from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $4.00 to $2.00 in a research report on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Altice USA currently has an average rating of “Hold” and a consensus price target of $1.97.

Insider Transactions at Altice USA

In other news, Director Alt S.A.R.L. Next sold 805,227 shares of Altice USA stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $24.50, for a total value of $19,728,061.50. Following the completion of the sale, the director now directly owns 34,834,863 shares in the company, valued at approximately $853,454,143.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 3,220,908 shares of company stock valued at $78,912,246. 52.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Altice USA

A number of large investors have recently bought and sold shares of ATUS. SG Americas Securities LLC raised its holdings in shares of Altice USA by 45.2% during the 1st quarter. SG Americas Securities LLC now owns 58,098 shares of the company’s stock worth $152,000 after buying an additional 18,080 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Altice USA in the first quarter worth about $1,914,000. Headlands Technologies LLC acquired a new stake in shares of Altice USA in the 1st quarter valued at approximately $46,000. State Board of Administration of Florida Retirement System acquired a new position in Altice USA during the 1st quarter worth approximately $687,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in Altice USA by 13.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 460,585 shares of the company’s stock worth $1,193,000 after purchasing an additional 53,158 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Altice USA Stock Performance

The firm has a market cap of $1.20 billion, a P/E ratio of -19.92, a P/E/G ratio of 9.87 and a beta of 1.52. The company’s 50 day moving average is $2.29 and its 200 day moving average is $2.12.

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.