Altice USA (NYSE:ATUS) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Altice USA (NYSE:ATUS) from a hold rating to a strong sell rating in a research note published on Tuesday morning,Zacks.com reports.

Several other brokerages have also weighed in on ATUS. The Goldman Sachs Group initiated coverage on shares of Altice USA in a research report on Tuesday, September 2nd. They set a “sell” rating and a $2.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Altice USA in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Altice USA currently has an average rating of “Hold” and an average target price of $3.00.

Altice USA Stock Performance

Shares of ATUS opened at $2.60 on Tuesday. The firm has a market cap of $1.22 billion, a PE ratio of -4.48 and a beta of 1.59. The firm’s 50 day moving average price is $2.40 and its 200 day moving average price is $2.41. Altice USA has a twelve month low of $1.95 and a twelve month high of $3.20.

Altice USA (NYSE:ATUS) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.15). The company had revenue of $2.15 billion for the quarter, compared to analysts’ expectations of $2.16 billion. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 earnings per share. On average, sell-side analysts anticipate that Altice USA will post -0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Altice USA

Institutional investors and hedge funds have recently bought and sold shares of the stock. HG Vora Capital Management LLC bought a new position in Altice USA during the first quarter worth $12,502,000. Hsbc Holdings PLC increased its position in Altice USA by 11.4% during the first quarter. Hsbc Holdings PLC now owns 99,025 shares of the company’s stock worth $263,000 after acquiring an additional 10,139 shares during the period. Bracebridge Capital LLC increased its position in Altice USA by 6.0% during the first quarter. Bracebridge Capital LLC now owns 9,390,440 shares of the company’s stock worth $24,979,000 after acquiring an additional 535,463 shares during the period. Teacher Retirement System of Texas bought a new position in Altice USA during the first quarter worth $81,000. Finally, Invesco Ltd. increased its position in Altice USA by 207.9% during the first quarter. Invesco Ltd. now owns 142,084 shares of the company’s stock worth $378,000 after acquiring an additional 95,938 shares during the period. 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.