Altice USA (NYSE:ATUS) Trading Up 5.3% - Time to Buy?

Key Points

• Altice USA's stock price increased by 5.3% to $2.49 during mid-day trading, although the trading volume was significantly lower than average.
• Goldman Sachs initiated coverage on the stock with a "sell" rating and a target price of $2.00, while the overall consensus rating remains a "Hold" with a target price of $3.00.
• Altice USA reported a quarterly loss of ($0.21) EPS, which was below analyst expectations, and its revenue decreased 4.2% year-over-year.

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s stock price shot up 5.3% during mid-day trading on Tuesday . The company traded as high as $2.45 and last traded at $2.49. 1,055,465 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 3,788,220 shares. The stock had previously closed at $2.36.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group began coverage on Altice USA in a report on Tuesday, September 2nd. They issued a "sell" rating and a $2.00 target price on the stock. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Altice USA presently has a consensus rating of "Hold" and a consensus target price of $3.00.

Altice USA Price Performance

The stock has a 50-day simple moving average of $2.43 and a 200 day simple moving average of $2.42. The company has a market capitalization of $1.15 billion, a PE ratio of -4.23 and a beta of 1.57.

Altice USA (NYSE:ATUS - Get Free Report) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $2.16 billion. The business's quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. As a group, research analysts predict that Altice USA, Inc. will post -0.24 EPS for the current fiscal year.

Institutional Trading of Altice USA

Institutional investors and hedge funds have recently made changes to their positions in the stock. HG Vora Capital Management LLC purchased a new stake in shares of Altice USA in the first quarter valued at $12,502,000. Hsbc Holdings PLC lifted its position in Altice USA by 11.4% during the first quarter. Hsbc Holdings PLC now owns 99,025 shares of the company's stock worth $263,000 after buying an additional 10,139 shares during the period. Bracebridge Capital LLC lifted its position in Altice USA by 6.0% during the first quarter. Bracebridge Capital LLC now owns 9,390,440 shares of the company's stock worth $24,979,000 after buying an additional 535,463 shares during the period. Teacher Retirement System of Texas purchased a new position in Altice USA during the first quarter worth about $81,000. Finally, Invesco Ltd. lifted its position in Altice USA by 207.9% during the first quarter. Invesco Ltd. now owns 142,084 shares of the company's stock worth $378,000 after buying an additional 95,938 shares during the period. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

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.

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