Altice USA (NYSE:ATUS) Shares Down 10.7% Following Weak Earnings

Key Points

• Altice USA shares fell by 10.7% to $2.14 following a weak earnings report, missing the estimated earnings per share by $0.16 with a loss of ($0.21).
• The company's revenue decreased by 4.2% compared to the same quarter last year, and analysts have set a consensus target price of $3.05 for the stock.
• Institutional investors currently own 54.85% of Altice USA's stock, with notable acquisitions in recent months indicating growing interest despite the company's performance issues.

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s share price traded down 10.7% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $2.13 and last traded at $2.14. 6,185,705 shares were traded during mid-day trading, an increase of 59% from the average session volume of 3,879,822 shares. The stock had previously closed at $2.39.

The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.16). The company's revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share.

Analysts Set New Price Targets

Several research firms have recently commented on ATUS. The Goldman Sachs Group upped their price target on Altice USA from $2.00 to $2.25 and gave the stock a "sell" rating in a research note on Friday, May 9th. Barclays increased their target price on Altice USA from $2.00 to $3.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Altice USA currently has a consensus rating of "Hold" and an average target price of $3.05.

Institutional Trading of Altice USA

Institutional investors have recently bought and sold shares of the company. LPL Financial LLC acquired a new position in shares of Altice USA in the 4th quarter valued at $25,000. DoubleLine ETF Adviser LP acquired a new stake in shares of Altice USA during the first quarter worth $29,000. May Hill Capital LLC bought a new stake in shares of Altice USA in the second quarter valued at approximately $29,000. Raymond James Financial Inc. bought a new stake in shares of Altice USA in the fourth quarter valued at approximately $30,000. Finally, R Squared Ltd lifted its stake in Altice USA by 56.0% during the first quarter. R Squared Ltd now owns 15,490 shares of the company's stock worth $41,000 after purchasing an additional 5,560 shares during the last quarter. Institutional investors and hedge funds own 54.85% of the company's stock.

Altice USA Price Performance

The stock has a market cap of $998.53 million, a P/E ratio of -6.28 and a beta of 1.55. The stock has a 50-day simple moving average of $2.37 and a 200-day simple moving average of $2.52.

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.

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