Altice USA (NYSE:ATUS) Shares Up 3.5% After Analyst Upgrade

Altice USA, Inc. (NYSE:ATUS)’s share price shot up 3.5% on Thursday after Citigroup raised their price target on the stock from $2.50 to $3.00. Citigroup currently has a buy rating on the stock. Altice USA traded as high as $2.67 and last traded at $2.67. 102,961 shares were traded during trading, a decline of 97% from the average session volume of 3,495,797 shares. The stock had previously closed at $2.58.

Separately, TD Cowen decreased their price objective on shares of Altice USA from $6.00 to $3.50 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Five equities 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 company. Based on data from MarketBeat, Altice USA presently has a consensus rating of “Hold” and a consensus price target of $2.30.

Insider Activity

In related news, Director Alt S.A.R.L. Next sold 805,227 shares of Altice USA stock in a transaction dated 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 owns 38,055,771 shares in the company, valued at $932,366,389.50. The trade was a 2.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 12,078,411 shares of company stock valued at $295,921,070 in the last three months. 52.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Altice USA

Several institutional investors and hedge funds have recently added to or reduced their stakes in ATUS. Massachusetts Financial Services Co. MA lifted its position in shares of Altice USA by 0.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,669,487 shares of the company’s stock valued at $11,566,000 after acquiring an additional 24,501 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Altice USA in the second quarter worth about $25,000. XTX Topco Ltd boosted its position in Altice USA by 112.1% during the second quarter. XTX Topco Ltd now owns 81,314 shares of the company’s stock worth $166,000 after acquiring an additional 42,975 shares during the last quarter. King Street Capital Management L.P. purchased a new stake in Altice USA during the 2nd quarter valued at about $5,100,000. Finally, Aristeia Capital L.L.C. acquired a new stake in Altice USA in the 2nd quarter valued at about $657,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Altice USA Stock Up 2.7 %

The stock’s 50 day simple moving average is $2.50 and its two-hundred day simple moving average is $2.21.

Altice USA (NYSE:ATUS) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.13). Altice USA had a negative return on equity of 1.54% and a negative net margin of 1.85%. The company 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 quarterly revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts predict that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

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.