Altice USA (NYSE:ATUS) Stock Rating Lowered by Zacks Research

Key Points

• Altice USA has been downgraded by Zacks Research from a "hold" rating to a "strong sell," indicating a negative outlook for the stock.
• The stock currently has a consensus rating of "Hold" with an average price target of $3.00, while analysts project it will report a loss of -0.24 EPS for the current fiscal year.
• Recent quarterly earnings showed a revenue decline of 4.2% year-over-year, with revenue falling short of analyst estimates, reporting $2.15 billion against an expectation of $2.16 billion.

Altice USA (NYSE:ATUS - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. The Goldman Sachs Group started coverage on Altice USA in a research note on Tuesday, September 2nd. They issued a "sell" rating and a $2.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Altice USA in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $3.00.

Altice USA Stock Performance

NYSE ATUS opened at $2.70 on Tuesday. Altice USA has a one year low of $1.95 and a one year high of $3.20. The stock has a 50 day moving average price of $2.40 and a 200-day moving average price of $2.41. The company has a market capitalization of $1.27 billion, a P/E ratio of -4.66 and a beta of 1.59.

Altice USA (NYSE:ATUS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.15). The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.16 billion. The firm's quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. As a group, equities analysts predict that Altice USA will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Altice USA

A number of large investors have recently bought and sold shares of ATUS. DoubleLine ETF Adviser LP purchased a new stake in Altice USA during the first quarter worth $29,000. May Hill Capital LLC bought a new position in shares of Altice USA in the 2nd quarter worth $29,000. R Squared Ltd boosted its position in Altice USA by 56.0% during the first quarter. R Squared Ltd now owns 15,490 shares of the company's stock valued at $41,000 after purchasing an additional 5,560 shares in the last quarter. CWM LLC boosted its position in Altice USA by 251.5% during the second quarter. CWM LLC now owns 22,280 shares of the company's stock valued at $48,000 after purchasing an additional 15,941 shares in the last quarter. Finally, Savant Capital LLC purchased a new position in Altice USA in the second quarter valued at about $57,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.