Altice USA (NYSE:ATUS) Shares Gap Up - What's Next?

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.73, but opened at $2.87. Altice USA shares last traded at $2.74, with a volume of 612,188 shares.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ATUS shares. The Goldman Sachs Group boosted their target price on shares of Altice USA from $2.00 to $2.25 and gave the company a "sell" rating in a report on Friday, May 9th. Barclays boosted their target price on shares of Altice USA from $2.00 to $3.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $2.88.

Altice USA Stock Performance

The stock has a market cap of $1.30 billion, a PE ratio of -8.21 and a beta of 1.58. The company's 50 day simple moving average is $2.33 and its 200 day simple moving average is $2.51.

Altice USA (NYSE:ATUS - Get Free Report) last released its earnings results 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 firm had revenue of $2.15 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. Equities research analysts expect that Altice USA, Inc. will post -0.24 earnings per share for the current year.

Institutional Trading of Altice USA

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Empyrean Capital Partners LP raised its position in Altice USA by 785.0% in the 4th quarter. Empyrean Capital Partners LP now owns 17,700,000 shares of the company's stock worth $42,657,000 after purchasing an additional 15,700,000 shares during the period. HG Vora Capital Management LLC purchased a new position in Altice USA in the 1st quarter worth $12,502,000. JPMorgan Chase & Co. raised its position in Altice USA by 238.7% in the 4th quarter. JPMorgan Chase & Co. now owns 6,444,193 shares of the company's stock worth $15,531,000 after purchasing an additional 4,541,359 shares during the period. Deutsche Bank AG raised its position in Altice USA by 33.9% in the 1st quarter. Deutsche Bank AG now owns 12,761,956 shares of the company's stock worth $33,947,000 after purchasing an additional 3,231,838 shares during the period. Finally, Bracebridge Capital LLC raised its position in Altice USA by 35.5% in the 4th quarter. Bracebridge Capital LLC now owns 8,854,977 shares of the company's stock worth $21,340,000 after purchasing an additional 2,322,337 shares during the period. 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.