Altice USA (NYSE:ATUS) Trading 3.5% Higher Following Analyst Upgrade

Altice USA, Inc. (NYSE:ATUS) was up 3.5% on Thursday after Citigroup raised their price target on the stock from $2.50 to $3.00. Citigroup currently has a buy rating on the stock. Altice USA traded as high as $2.67 and last traded at $2.67. Approximately 102,961 shares traded hands during trading, a decline of 97% from the average daily volume of 3,495,797 shares. The stock had previously closed at $2.58.

Separately, TD Cowen dropped their price target on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating on the stock in a research note on Tuesday, November 5th. Five 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. Based on data from MarketBeat, Altice USA currently has an average rating of “Hold” and a consensus target price of $2.30.

Insider Transactions at Altice USA

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $24.50, for a total value of $19,728,061.50. Following the completion of the sale, the director now owns 38,860,998 shares of the company’s stock, valued at approximately $952,094,451. This trade represents a 2.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 12,078,411 shares of company stock worth $295,921,070. Company insiders own 52.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new stake in Altice USA in the 3rd quarter valued at about $27,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Altice USA in the second quarter worth $25,000. D.A. Davidson & CO. purchased a new stake in Altice USA during the 3rd quarter worth $32,000. Wolverine Trading LLC acquired a new position in shares of Altice USA during the third quarter worth about $39,000. Finally, US Bancorp DE raised its holdings in shares of Altice USA by 30.2% during the 3rd quarter. US Bancorp DE now owns 21,530 shares of the company’s stock valued at $53,000 after buying an additional 5,000 shares during the period. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Altice USA Price Performance

The company has a market cap of $1.21 billion, a price-to-earnings ratio of -7.08 and a beta of 1.53. The company’s 50-day simple moving average is $2.50 and its 200-day simple moving average is $2.20.

Altice USA (NYSE:ATUS) last issued its quarterly earnings data on Monday, November 4th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.24 billion. Altice USA had a negative net margin of 1.85% and a negative return on equity of 1.54%. Altice USA’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.15 EPS. Equities analysts predict that Altice USA, Inc. will post -0.01 EPS for the current fiscal year.

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.