Altice USA (NYSE:ATUS) Shares Down 3.1% – Here’s Why

Altice USA, Inc. (NYSE:ATUS)’s share price fell 3.1% during trading on Friday . The stock traded as low as $2.52 and last traded at $2.52. 871,650 shares changed hands during trading, a decline of 75% from the average session volume of 3,485,420 shares. The stock had previously closed at $2.60.

Analyst Ratings Changes

ATUS has been the subject of several analyst reports. UBS Group lowered shares of Altice USA from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $4.00 to $2.00 in a research note on Friday, August 2nd. TD Cowen reduced 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 note on Tuesday, November 5th. Five analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $2.22.

Altice USA Trading Down 7.3 %

The stock’s 50-day moving average price is $2.48 and its 200 day moving average price is $2.19.

Altice USA (NYSE:ATUS) last posted 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). The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.24 billion. Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. The business’s revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.15 EPS. Sell-side analysts forecast that Altice USA, Inc. will post -0.01 EPS for the current fiscal year.

Insider Activity at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the sale, the director now directly owns 21,146,004 shares of the company’s stock, valued at approximately $518,077,098. This represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 8,052,270 shares of company stock valued at $197,280,615 over the last quarter. 52.90% of the stock is owned by company insiders.

Institutional Trading of Altice USA

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake 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 worth $6,602,000 after buying an additional 191,508 shares during the last quarter. Barclays PLC grew its stake in Altice USA by 120.3% during 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 during the last quarter. XTX Topco Ltd lifted its position in shares of Altice USA by 476.7% during the third 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 in the last quarter. Wolverine Trading LLC acquired a new position in shares of Altice USA during the third quarter worth approximately $39,000. Finally, State Street Corp lifted its position in shares of Altice USA by 2.8% during the third 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 in the last quarter. 54.85% of the stock is owned by institutional investors.

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.