Altice USA (NYSE:ATUS) Shares Gap Down After Earnings Miss

Altice USA, Inc. (NYSE:ATUS - Get Free Report)'s stock price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.59, but opened at $2.45. Altice USA shares last traded at $2.53, with a volume of 596,558 shares trading hands.

The company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.13). The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.24 billion. Altice USA had a negative net margin of 0.62% and a negative return on equity of 1.54%. Altice USA's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS.

Analyst Upgrades and Downgrades

ATUS has been the subject of several analyst reports. TD Cowen dropped their target price on Altice USA from $6.00 to $3.50 and set a "buy" rating for the company in a report on Tuesday. UBS Group lowered Altice USA from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $4.00 to $2.00 in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $2.12.

Insider Buying and Selling at Altice USA

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $24.50, for a total value of $19,728,061.50. Following the completion of the transaction, the director now directly owns 38,055,771 shares of the company's stock, valued at $932,366,389.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 4,026,135 shares of company stock valued at $98,640,308. 52.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Altice USA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE lifted its position in Altice USA by 30.2% during the third 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. Vanguard Personalized Indexing Management LLC purchased a new position in Altice USA during the 2nd quarter valued at about $25,000. Headlands Technologies LLC bought a new stake in Altice USA during the first quarter worth about $46,000. SG Americas Securities LLC grew its holdings in Altice USA by 45.2% in the first quarter. SG Americas Securities LLC now owns 58,098 shares of the company's stock worth $152,000 after purchasing an additional 18,080 shares during the period. Finally, Handelsbanken Fonder AB increased its stake in shares of Altice USA by 102.2% during the third quarter. Handelsbanken Fonder AB now owns 36,000 shares of the company's stock valued at $89,000 after purchasing an additional 18,200 shares in the last quarter. 54.85% of the stock is owned by hedge funds and other institutional investors.

Altice USA Stock Down 1.7 %

The company's fifty day moving average price is $2.30 and its 200-day moving average price is $2.12. The stock has a market capitalization of $1.17 billion, a PE ratio of -6.88, a price-to-earnings-growth ratio of 9.87 and a beta of 1.52.

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.