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) traded down 10.7% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.13 and last traded at $2.14. 6,185,705 shares changed hands 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 for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.15). The firm had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the previous year, the business earned $0.03 earnings per share. Altice USA's quarterly revenue was down 4.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Altice USA

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

Altice USA Stock Down 4.9%

The business's 50 day moving average is $2.36 and its two-hundred day moving average is $2.50. The firm has a market capitalization of $956.45 million, a P/E ratio of -3.53 and a beta of 1.55.

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.