Altice USA (NYSE:ATUS) Shares Up 8.7% - Here's Why

Key Points

• Altice USA's stock price rose 8.7% during trading on Tuesday, reaching a high of $2.52, with around 4.44 million shares traded, marking an 18% increase in trading volume.
• Goldman Sachs issued a "sell" rating on Altice USA, setting a target price of $2.00, while the stock has a consensus rating of "Hold" and an average target price of $3.00.
• The company reported a loss of ($0.21) earnings per share in its last quarterly results, falling short of estimates, with revenue declining 4.2% year-over-year.

Altice USA, Inc. (NYSE:ATUS - Get Free Report) shares were up 8.7% during mid-day trading on Tuesday . The stock traded as high as $2.52 and last traded at $2.45. Approximately 4,441,765 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 3,751,262 shares. The stock had previously closed at $2.25.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group started coverage on shares of Altice USA in a report on Tuesday, September 2nd. They issued a "sell" rating and a $2.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $3.00.

Altice USA Price Performance

The company has a market capitalization of $1.13 billion, a PE ratio of -4.15 and a beta of 1.56. The stock's 50 day simple moving average is $2.45 and its 200-day simple moving average is $2.42.

Altice USA (NYSE:ATUS - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.21) earnings per share (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 the consensus estimate of $2.16 billion. Altice USA's revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. On average, equities analysts predict that Altice USA, Inc. will post -0.24 earnings per share for the current year.

Institutional Trading of Altice USA

Large investors have recently made changes to their positions in the company. HG Vora Capital Management LLC purchased a new stake in shares of Altice USA during the first quarter worth approximately $12,502,000. Hsbc Holdings PLC increased its stake in shares of 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 increased its stake in shares of 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 stake in shares of Altice USA during the first quarter worth approximately $81,000. Finally, Invesco Ltd. increased its stake in shares of 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.