Altice USA (NYSE:ATUS) Trading Down 5% on Insider Selling

Altice USA, Inc. (NYSE:ATUS)’s share price was down 5% on Tuesday following insider selling activity. The company traded as low as $2.49 and last traded at $2.49. Approximately 192,076 shares changed hands during trading, a decline of 94% from the average daily volume of 3,484,631 shares. The stock had previously closed at $2.62.

Specifically, Director Alt S.A.R.L. Next sold 805,230 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. 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 11,483,262 shares in the company, valued at $281,339,919. This trade represents a 6.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alt S.A.R.L. Next sold 805,230 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $24.50, for a total value of $19,728,135.00. Following the completion of the transaction, the director now directly owns 13,093,722 shares in the company, valued at approximately $320,796,189. The trade was a 5.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

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

Altice USA Trading Down 2.0 %

The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -6.76 and a beta of 1.53. The stock has a 50-day moving average of $2.51 and a 200-day moving average of $2.21.

Altice USA (NYSE:ATUS) last announced its quarterly earnings results on Monday, November 4th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the firm posted $0.15 EPS. The business’s revenue was down 3.9% compared to the same quarter last year. As a group, research analysts expect that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Altice USA

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Massachusetts Financial Services Co. MA raised its holdings in Altice USA by 0.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,669,487 shares of the company’s stock worth $11,566,000 after purchasing an additional 24,501 shares in the last quarter. Cerberus Capital Management L.P. increased its position in shares of Altice USA by 6.8% during the 3rd quarter. Cerberus Capital Management L.P. now owns 3,940,785 shares of the company’s stock valued at $9,694,000 after purchasing an additional 250,000 shares during the period. 140 Summer Partners LP bought a new stake in shares of Altice USA in the 3rd quarter worth $9,004,000. LMR Partners LLP lifted its holdings in shares of Altice USA by 217.5% in the third quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock valued at $7,380,000 after buying an additional 2,055,000 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Altice USA by 7.7% during the third quarter. Geode Capital Management LLC now owns 2,682,757 shares of the company’s stock valued at $6,602,000 after buying an additional 191,508 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

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.