Altice USA (NYSE:ATUS) Trading Down 6.6% - Time to Sell?

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.

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

Wall Street Analysts Forecast Growth

ATUS has been the topic of several research reports. Barclays increased their target price on Altice USA from $2.00 to $3.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. The Goldman Sachs Group increased their target price on Altice USA from $2.00 to $2.25 and gave the stock a "sell" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Altice USA presently has a consensus rating of "Hold" and an average target price of $2.88.

Altice USA Price Performance

The company has a fifty day simple moving average of $2.34 and a 200-day simple moving average of $2.52. The company has a market cap of $1.24 billion, a P/E ratio of -7.81 and a beta of 1.58.

Altice USA (NYSE:ATUS - Get Free Report) last announced 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 business had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the prior year, the business posted ($0.05) earnings per share. The firm's revenue for the quarter was down 4.4% on a year-over-year basis. On average, analysts anticipate that Altice USA, Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Altice USA

Large investors have recently bought and sold shares of the business. Acadian Asset Management LLC boosted its holdings in Altice USA by 441.3% during the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Altice USA by 1.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company's stock worth $1,713,000 after purchasing an additional 7,470 shares in the last quarter. Aristeia Capital L.L.C. bought a new stake in Altice USA during the first quarter worth about $231,000. Caxton Associates LLP bought a new stake in Altice USA during the first quarter worth about $88,000. Finally, Goldman Sachs Group Inc. grew its stake in Altice USA by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company's stock worth $17,016,000 after buying an additional 2,031,971 shares during the last quarter. 54.85% of the stock is currently 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.

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