Altice USA (NYSE:ATUS) Announces Quarterly Earnings Results

Altice USA (NYSE:ATUS) released its quarterly earnings data on Thursday. The company reported ($3.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($3.43), Briefing.com reports. The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.13 billion. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.09) EPS.

Altice USA Stock Down 4.7%

Shares of ATUS traded down $0.10 during trading hours on Thursday, reaching $2.05. 10,275,204 shares of the company traded hands, compared to its average volume of 2,995,276. The stock has a market capitalization of $960.73 million, a PE ratio of -3.53 and a beta of 1.63. Altice USA has a fifty-two week low of $1.88 and a fifty-two week high of $3.20. The stock has a fifty day simple moving average of $2.38 and a 200 day simple moving average of $2.38.

Institutional Trading of Altice USA

A number of large investors have recently made changes to their positions in the stock. Hudson Bay Capital Management LP boosted its stake in shares of Altice USA by 7.5% during the second quarter. Hudson Bay Capital Management LP now owns 7,449,991 shares of the company’s stock valued at $15,943,000 after acquiring an additional 521,287 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Altice USA by 46.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after buying an additional 2,031,971 shares during the last quarter. Millennium Management LLC boosted its stake in Altice USA by 10.5% in the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock worth $14,673,000 after buying an additional 524,169 shares during the last quarter. Paloma Partners Management Co boosted its stake in Altice USA by 16.4% in the 2nd quarter. Paloma Partners Management Co now owns 2,843,634 shares of the company’s stock worth $6,085,000 after buying an additional 400,000 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Altice USA by 365.8% in the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock worth $5,775,000 after buying an additional 1,704,908 shares during the last quarter. Institutional investors and hedge funds own 54.85% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on ATUS shares. Zacks Research lowered Altice USA from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 7th. The Goldman Sachs Group started coverage on Altice USA in a report on Tuesday, September 2nd. They issued a “sell” rating and a $2.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Altice USA in a report on Wednesday, October 8th. Two 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $2.88.

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.