Altice USA (NYSE:ATUS) Trading Down 7.7% – Here’s Why

Shares of Altice USA, Inc. (NYSE:ATUS) fell 7.7% on Wednesday . The company traded as low as $2.69 and last traded at $2.69. 6,340,777 shares changed hands during mid-day trading, an increase of 103% from the average session volume of 3,117,467 shares. The stock had previously closed at $2.91.

Analysts Set New Price Targets

ATUS has been the topic of several analyst reports. TD Cowen lowered their price target on Altice USA from $6.00 to $3.50 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Citigroup raised their price target on Altice USA from $2.50 to $3.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Five research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $2.30.

Altice USA Trading Down 6.9 %

The company has a 50 day moving average of $2.63 and a 200 day moving average of $2.37. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -7.32 and a beta of 1.52.

Insider Buying and Selling at Altice USA

In other news, Director Alt S.A.R.L. Next sold 805,230 shares of the business’s stock in a transaction on Monday, December 23rd. 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 sale, the director now owns 6,651,882 shares in the company, valued at $162,971,109. The trade was a 10.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 9,662,742 shares of company stock worth $236,737,179 over the last ninety days. Corporate insiders own 52.90% of the company’s stock.

Institutional Trading of Altice USA

A number of institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership bought a new position in Altice USA during the 4th quarter worth about $103,000. JPMorgan Chase & Co. grew its holdings in shares of Altice USA by 238.7% in the 4th quarter. JPMorgan Chase & Co. now owns 6,444,193 shares of the company’s stock valued at $15,531,000 after acquiring an additional 4,541,359 shares in the last quarter. Vanguard Group Inc. boosted its position in Altice USA by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 22,291,467 shares of the company’s stock valued at $53,722,000 after purchasing an additional 208,478 shares during the last quarter. LPL Financial LLC acquired a new position in shares of Altice USA during the 4th quarter worth approximately $25,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Altice USA in the fourth quarter valued at $105,000. Institutional investors and hedge funds 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.