Altice USA (NYSE:ATUS) Stock Price Down 4.4% - Here's What Happened

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s stock price dropped 4.4% during mid-day trading on Wednesday . The stock traded as low as $2.15 and last traded at $2.16. Approximately 1,035,109 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 3,308,279 shares. The stock had previously closed at $2.26.

Wall Street Analyst Weigh In

ATUS has been the subject of several research reports. The Goldman Sachs Group upped their target price on shares of Altice USA from $2.00 to $2.25 and gave the stock a "sell" rating in a research report on Friday, May 9th. Barclays upped their target price on shares of Altice USA from $2.00 to $3.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Finally, Raymond James raised shares of Altice USA from a "market perform" rating to an "outperform" rating and set a $3.50 price target for the company in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Altice USA has a consensus rating of "Hold" and a consensus price target of $2.75.

Altice USA Price Performance

The company has a market capitalization of $1.02 billion, a P/E ratio of -9.48 and a beta of 1.65. The stock's 50 day moving average is $2.43 and its 200-day moving average is $2.56.

Altice USA (NYSE:ATUS - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.07). The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.16 billion. The business's revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.05) EPS. On average, equities research analysts anticipate that Altice USA, Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Altice USA

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in shares of Altice USA by 238.7% during the fourth quarter. JPMorgan Chase & Co. now owns 6,444,193 shares of the company's stock valued at $15,531,000 after buying an additional 4,541,359 shares during the last quarter. Barclays PLC grew its holdings in shares of Altice USA by 120.3% during the third quarter. Barclays PLC now owns 1,527,424 shares of the company's stock valued at $3,756,000 after buying an additional 834,030 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Altice USA by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 2,695,716 shares of the company's stock worth $6,500,000 after purchasing an additional 12,959 shares during the last quarter. Swiss National Bank boosted its holdings in Altice USA by 2.0% in the fourth quarter. Swiss National Bank now owns 407,700 shares of the company's stock worth $983,000 after purchasing an additional 8,000 shares during the last quarter. Finally, Sona Asset Management US LLC boosted its holdings in Altice USA by 30.0% in the fourth quarter. Sona Asset Management US LLC now owns 3,900,000 shares of the company's stock worth $9,399,000 after purchasing an additional 900,000 shares during the last quarter. 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.