Altice USA (NYSE:ATUS) Shares Gap Up – Here’s Why

Altice USA, Inc. (NYSE:ATUS)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $2.43, but opened at $2.60. Altice USA shares last traded at $2.74, with a volume of 3,383,759 shares trading hands.

Analysts Set New Price Targets

Separately, UBS Group cut shares of Altice USA from a “buy” rating to a “neutral” rating and lowered their price target for the company from $4.00 to $2.00 in a research report on Friday, August 2nd. Six analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Altice USA has a consensus rating of “Hold” and a consensus target price of $1.97.

Altice USA Stock Performance

The firm has a market cap of $1.22 billion, a P/E ratio of -20.31, a P/E/G ratio of 9.42 and a beta of 1.53. The business’s 50-day simple moving average is $2.27 and its 200 day simple moving average is $2.11.

Altice USA (NYSE:ATUS) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.05). The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.25 billion. Altice USA had a negative return on equity of 1.54% and a negative net margin of 0.62%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.17 EPS. As a group, equities research analysts expect that Altice USA, Inc. will post 0.1 EPS for the current year.

Insider Activity

In other Altice USA news, Director Alt S.A.R.L. Next sold 805,227 shares of the company’s stock in a transaction that occurred on Monday, October 28th. 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 transaction, the director now directly owns 38,055,771 shares in the company, valued at $932,366,389.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 2,415,681 shares of company stock worth $59,184,185 over the last ninety days. Corporate insiders own 52.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. King Street Capital Management L.P. bought a new position in shares of Altice USA during the 2nd quarter valued at approximately $5,100,000. Empyrean Capital Partners LP bought a new position in Altice USA during the second quarter valued at $4,080,000. Susquehanna Fundamental Investments LLC bought a new position in Altice USA during the first quarter valued at $1,914,000. Aristeia Capital L.L.C. purchased a new position in shares of Altice USA in the 2nd quarter worth $657,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Altice USA in the 1st quarter worth about $687,000. 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.