Altice USA, Inc. (NYSE:ATUS) Sees Significant Decline in Short Interest

Altice USA, Inc. (NYSE:ATUS - Get Free Report) was the recipient of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 23,620,000 shares, a decrease of 9.6% from the November 15th total of 26,140,000 shares. Currently, 11.4% of the company's stock are sold short. Based on an average daily volume of 3,330,000 shares, the short-interest ratio is presently 7.1 days.

Altice USA Stock Up 2.7 %

NYSE:ATUS traded up $0.07 during trading hours on Friday, hitting $2.68. 2,337,013 shares of the stock traded hands, compared to its average volume of 3,502,095. Altice USA has a 1 year low of $1.52 and a 1 year high of $3.66. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -7.24 and a beta of 1.53. The stock has a 50 day moving average price of $2.51 and a 200 day moving average price of $2.21.

Altice USA (NYSE:ATUS - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $2.23 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the previous year, the company earned $0.15 EPS. Altice USA's revenue for the quarter was down 3.9% compared to the same quarter last year. Equities analysts forecast that Altice USA will post -0.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ATUS shares. TD Cowen reduced their target price on shares of Altice USA from $6.00 to $3.50 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Citigroup increased their target price on shares of Altice USA from $2.50 to $3.00 and gave the company a "buy" rating in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Altice USA presently has an average rating of "Hold" and an average target price of $2.30.

Insider Activity

In other news, Director Alt S.A.R.L. Next sold 805,227 shares of the business's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $24.50, for a total transaction of $19,728,061.50. Following the completion of the sale, the director now directly owns 38,055,771 shares of the company's stock, valued at $932,366,389.50. The trade was a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have 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

Hedge funds have recently bought and sold shares of the company. 140 Summer Partners LP bought a new position in shares of Altice USA in the third quarter worth about $9,004,000. King Street Capital Management L.P. bought a new position in Altice USA during the 2nd quarter worth about $5,100,000. LMR Partners LLP grew its holdings in Altice USA by 217.5% during the 3rd quarter. LMR Partners LLP now owns 3,000,000 shares of the company's stock worth $7,380,000 after acquiring an additional 2,055,000 shares in the last quarter. Empyrean Capital Partners LP bought a new position in Altice USA during the 2nd quarter worth about $4,080,000. Finally, Paloma Partners Management Co grew its holdings in Altice USA by 172.6% during the 3rd quarter. Paloma Partners Management Co now owns 2,210,941 shares of the company's stock worth $5,439,000 after acquiring an additional 1,400,000 shares in the last quarter. Institutional investors own 54.85% of the company's stock.

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.