Charter Communications, Inc. (NASDAQ:CHTR) Short Interest Update

Key Points

• Short interest fell sharply: Charter Communications’ short interest dropped 34.8% to 14.99 million shares as of August 31, representing 12.7% of shares outstanding and 4.8 days to cover.
• Quarterly results beat expectations: The company reported $10.66 in quarterly EPS versus the $9.98 consensus estimate and $13.53 billion in revenue, although revenue declined 1.7% year over year.
• Analyst sentiment remains cautious: Charter has a consensus “Reduce” rating and a $216.56 price target, while institutional investors and hedge funds own 81.76% of the stock.

Charter Communications, Inc. (NASDAQ:CHTR - Get Free Report) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 14,985,512 shares, a decline of 34.8% from the August 15th total of 22,983,789 shares. Currently, 12.7% of the company's shares are sold short. Based on an average daily volume of 3,131,170 shares, the short-interest ratio is currently 4.8 days.

Charter Communications Stock Performance

NASDAQ:CHTR opened at $134.65 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 4.32. Charter Communications has a twelve month low of $111.55 and a twelve month high of $285.82. The company has a fifty day moving average of $143.90 and a 200-day moving average of $166.27. The firm has a market capitalization of $16.06 billion, a P/E ratio of 3.51, a P/E/G ratio of 0.30 and a beta of 0.69.

Charter Communications (NASDAQ:CHTR - Get Free Report) last issued its earnings results on Friday, July 24th. The company reported $10.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.98 by $0.68. Charter Communications had a net margin of 9.05% and a return on equity of 23.71%. The business had revenue of $13.53 billion for the quarter, compared to analyst estimates of $13.51 billion. During the same period in the prior year, the firm earned $9.18 earnings per share. Charter Communications's revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Charter Communications will post 42.72 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Sanford C. Bernstein reiterated a "market perform" rating and set a $150.00 price objective on shares of Charter Communications in a research report on Monday, July 27th. Bank of America restated a "buy" rating on shares of Charter Communications in a report on Monday, July 27th. Benchmark reaffirmed a "buy" rating on shares of Charter Communications in a research report on Wednesday, July 22nd. Freedom Capital upgraded Charter Communications to a "hold" rating in a report on Friday, June 12th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $150.00 price objective on shares of Charter Communications in a research report on Monday. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, Charter Communications currently has a consensus rating of "Reduce" and a consensus price target of $216.56.

Institutional Trading of Charter Communications

Several large investors have recently made changes to their positions in the company. Capital Research Global Investors increased its stake in Charter Communications by 304.9% in the 4th quarter. Capital Research Global Investors now owns 4,815,422 shares of the company's stock valued at $1,005,222,000 after buying an additional 3,626,135 shares during the last quarter. Norges Bank purchased a new position in shares of Charter Communications in the 4th quarter worth approximately $555,383,000. State of Michigan Retirement System grew its holdings in shares of Charter Communications by 1,547.4% in the first quarter. State of Michigan Retirement System now owns 431,582 shares of the company's stock valued at $93,170,000 after acquiring an additional 405,385 shares in the last quarter. Lind Value II ApS increased its position in shares of Charter Communications by 180.5% during the fourth quarter. Lind Value II ApS now owns 618,373 shares of the company's stock valued at $129,085,000 after acquiring an additional 397,928 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in Charter Communications by 737.5% during the second quarter. Tidal Investments LLC now owns 241,503 shares of the company's stock worth $34,344,000 after acquiring an additional 212,668 shares during the period. 81.76% of the stock is currently owned by institutional investors and hedge funds.

About Charter Communications

Charter Communications, Inc is a telecommunications and media company that operates under the Spectrum brand. Its primary business is providing broadband internet, video, mobile, and voice services to residential customers across the United States. Charter also offers communications and managed services to businesses, including internet access, data networking, phone, video, and fiber-based connectivity solutions.

The company's consumer offerings include high-speed internet, traditional and streaming-enabled television services, mobile wireless plans, and home phone services.

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