Altice USA (NYSE:ATUS) Stock Price Down 9.8% - Here's What Happened

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s share price fell 9.8% during mid-day trading on Tuesday . The stock traded as low as $2.21 and last traded at $2.22. 2,834,754 shares were traded during mid-day trading, a decline of 9% from the average session volume of 3,131,370 shares. The stock had previously closed at $2.46.

Analysts Set New Price Targets

Separately, Raymond James upgraded 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 report on Tuesday, February 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Altice USA currently has an average rating of "Hold" and an average target price of $2.44.

Altice USA Price Performance

The firm's 50-day moving average is $2.59 and its two-hundred day moving average is $2.58. The company has a market cap of $1.07 billion, a P/E ratio of -10.02 and a beta of 1.65.

Altice USA (NYSE:ATUS - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.16). As a group, sell-side analysts expect that Altice USA, Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Altice USA

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank raised its position in Altice USA by 2.0% in the 4th 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 period. LPL Financial LLC purchased a new position in Altice USA during the 4th quarter valued at $25,000. Raymond James Financial Inc. purchased a new stake in Altice USA in the fourth quarter worth $30,000. Geode Capital Management LLC lifted its position in shares of Altice USA by 0.5% during 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. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Altice USA during the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 54.85% of the company's stock.

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.