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

Altice USA, Inc. (NYSE:ATUS) fell 5% on Tuesday after an insider sold shares in the company. The stock traded as low as $2.49 and last traded at $2.49. 192,076 shares changed hands during mid-day trading, a decline of 94% from the average session 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 company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $24.50, for a total transaction of $19,728,135.00. Following the transaction, the director now owns 11,483,262 shares in the company, valued at approximately $281,339,919. This represents a 6.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alt S.A.R.L. Next sold 805,230 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 13,093,722 shares of the company’s stock, valued at approximately $320,796,189. This represents a 5.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several brokerages have issued reports on ATUS. TD Cowen cut 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 increased their target price on Altice USA from $2.50 to $3.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Five analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.30.

Altice USA Stock Down 2.7 %

The firm has a 50 day moving average price of $2.51 and a 200 day moving average price of $2.20. The stock has a market capitalization of $1.18 billion, a PE ratio of -6.89 and a beta of 1.53.

Altice USA (NYSE:ATUS) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the company posted $0.15 earnings per share. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, equities analysts forecast that Altice USA, Inc. will post -0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Aristeia Capital L.L.C. purchased a new stake in Altice USA in the 2nd quarter valued at about $657,000. King Street Capital Management L.P. bought a new position in shares of Altice USA in the second quarter valued at approximately $5,100,000. Point72 Asset Management L.P. grew its holdings in shares of Altice USA by 487.3% in the third quarter. Point72 Asset Management L.P. now owns 880,985 shares of the company’s stock valued at $2,167,000 after acquiring an additional 730,985 shares in the last quarter. Algert Global LLC increased its position in shares of Altice USA by 101.3% during the third quarter. Algert Global LLC now owns 639,005 shares of the company’s stock valued at $1,572,000 after acquiring an additional 321,618 shares during the last quarter. Finally, LMR Partners LLP lifted its holdings in Altice USA by 217.5% during the third quarter. LMR Partners LLP now owns 3,000,000 shares of the company’s stock worth $7,380,000 after acquiring an additional 2,055,000 shares during the period. 54.85% of the stock is owned by institutional investors.

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.