Altice USA (NYSE:ATUS) Trading Down 6.6% - Here's Why

Key Points

• Altice USA's stock price dropped by 6.6%, reaching as low as $2.73 during trading on Friday, with a significant decrease in trading volume.
• Despite the recent price drop, analysts maintain a consensus rating of "Hold" for Altice USA, with target prices ranging from $2.25 to $3.00.
• The company's recent earnings report showed an earnings per share (EPS) of ($0.16), which missed the consensus estimate, and revenue declined by 4.4% year-over-year.
• Institutional investors own 54.85% of Altice USA's stock, with several firms increasing their holdings significantly in the first quarter.

Altice USA, Inc. (NYSE:ATUS - Get Free Report) shares traded down 6.6% during trading on Friday . The stock traded as low as $2.73 and last traded at $2.76. 293,856 shares were traded during mid-day trading, a decline of 92% from the average session volume of 3,881,171 shares. The stock had previously closed at $2.95.

Analyst Ratings Changes

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

Altice USA Price Performance

The company has a market capitalization of $1.19 billion, a P/E ratio of -7.49 and a beta of 1.58. The company has a 50 day moving average of $2.35 and a 200-day moving average of $2.53.

Altice USA (NYSE:ATUS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). The company had revenue of $2.15 billion during the quarter, compared to the consensus estimate of $2.16 billion. Altice USA's revenue was down 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. Research analysts predict that Altice USA, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of Altice USA

Several large investors have recently bought and sold shares of the company. Allianz Asset Management GmbH bought a new stake in Altice USA during the 2nd quarter valued at approximately $579,000. CWM LLC boosted its position in Altice USA by 251.5% during the 2nd quarter. CWM LLC now owns 22,280 shares of the company's stock valued at $48,000 after acquiring an additional 15,941 shares in the last quarter. Acadian Asset Management LLC boosted its position in Altice USA by 441.3% during the 1st quarter. Acadian Asset Management LLC now owns 133,225 shares of the company's stock valued at $354,000 after acquiring an additional 108,611 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Altice USA by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company's stock valued at $1,713,000 after acquiring an additional 7,470 shares in the last quarter. Finally, Aristeia Capital L.L.C. bought a new stake in Altice USA during the 1st quarter valued at approximately $231,000. 54.85% of the stock is owned by institutional investors.

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.