Altice USA (NYSE:ATUS) Stock Price Down 5.7% – Here’s What Happened

Shares of Altice USA, Inc. (NYSE:ATUS) dropped 5.7% during trading on Tuesday . The stock traded as low as $2.47 and last traded at $2.47. Approximately 409,324 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,098,794 shares. The stock had previously closed at $2.62.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup increased 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. TD Cowen decreased their price objective on shares of 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 analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Altice USA currently has a consensus rating of “Hold” and a consensus price target of $2.30.

Altice USA Price Performance

The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -6.70 and a beta of 1.50. The business’s fifty day simple moving average is $2.53 and its 200 day simple moving average is $2.22.

Altice USA (NYSE:ATUS) last announced its quarterly earnings data on Monday, November 4th. The company reported ($0.09) EPS 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 firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the business posted $0.15 EPS. The company’s revenue was down 3.9% on a year-over-year basis. Equities research analysts expect that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Alt S.A.R.L. Next sold 805,230 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $24.50, for a total transaction of $19,728,135.00. Following the transaction, the director now directly owns 6,651,882 shares of the company’s stock, valued at $162,971,109. This trade represents a 10.80 % 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 in the last quarter. Insiders own 52.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its position in Altice USA by 1,617.7% in the third quarter. JPMorgan Chase & Co. now owns 1,902,834 shares of the company’s stock worth $4,681,000 after buying an additional 1,792,054 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 acquiring an additional 191,508 shares during the period. Barclays PLC raised its position in shares of Altice USA by 120.3% in the third quarter. Barclays PLC now owns 1,527,424 shares of the company’s stock worth $3,756,000 after buying an additional 834,030 shares in 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 valued at $1,154,000 after acquiring an additional 387,655 shares in the last quarter. Finally, Wolverine Trading LLC bought a new stake in Altice USA during the third quarter valued at approximately $39,000. Hedge funds and other 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.