Altice USA (NYSE:ATUS) Shares Gap Down on Insider Selling

Shares of Altice USA, Inc. (NYSE:ATUS) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $2.61, but opened at $2.55. Altice USA shares last traded at $2.56, with a volume of 77,549 shares trading hands.

Specifically, Director Alt S.A.R.L. Next sold 805,230 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $24.50, for a total transaction of $19,728,135.00. Following the completion of the transaction, the director now owns 13,093,722 shares in the company, valued at $320,796,189. This trade represents a 5.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alt S.A.R.L. Next sold 805,230 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $24.50, for a total value of $19,728,135.00. Following the completion of the sale, the director now owns 14,704,182 shares in the company, valued at $360,252,459. This represents a 5.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup lifted their price objective on Altice USA from $2.50 to $3.00 and gave the stock a “buy” rating in a research note on Wednesday. TD Cowen cut their target price on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a report on Tuesday, November 5th. Five research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.30.

Altice USA Trading Up 2.7 %

The company has a fifty day moving average of $2.50 and a two-hundred day moving average of $2.21.

Altice USA (NYSE:ATUS) last announced its earnings results on Monday, November 4th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.13). Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the company posted $0.15 EPS. The company’s revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts forecast that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

Institutional Trading of Altice USA

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new position in shares of Altice USA during the second quarter valued at approximately $25,000. Quadrature Capital Ltd bought a new position in Altice USA in the 3rd quarter valued at $27,000. D.A. Davidson & CO. purchased a new stake in Altice USA in the third quarter worth $32,000. Wolverine Trading LLC purchased a new stake in Altice USA in the third quarter worth $39,000. Finally, US Bancorp DE lifted its position in shares of Altice USA by 30.2% during the third quarter. US Bancorp DE now owns 21,530 shares of the company’s stock worth $53,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors own 54.85% of the company’s stock.

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.