Altice USA (NYSE:ATUS) Sets New 12-Month Low After Earnings Miss

Altice USA, Inc. (NYSE:ATUS)’s stock price reached a new 52-week low during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $1.88 and last traded at $2.0950, with a volume of 2594879 shares changing hands. The stock had previously closed at $2.15.

The company reported ($3.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($3.43). The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.13 billion. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the firm posted ($0.09) EPS.

Analyst Ratings Changes

A number of research analysts have commented on ATUS shares. Barclays lowered their target price on Altice USA from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday. Zacks Research cut Altice USA from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 7th. The Goldman Sachs Group began coverage on Altice USA in a report on Tuesday, September 2nd. They issued a “sell” rating and a $2.00 price objective on the stock. Evercore ISI set a $2.50 price objective on shares of Altice USA in a research report on Friday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Altice USA in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $2.60.

Hedge Funds Weigh In On Altice USA

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Altice USA in the third quarter worth $27,000. DoubleLine ETF Adviser LP acquired a new position in Altice USA in the 1st quarter valued at $29,000. May Hill Capital LLC bought a new position in Altice USA in the 2nd quarter worth $29,000. Wealth Enhancement Advisory Services LLC lifted its position in Altice USA by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after acquiring an additional 5,156 shares during the last quarter. Finally, R Squared Ltd boosted its holdings in Altice USA by 56.0% during the first quarter. R Squared Ltd now owns 15,490 shares of the company’s stock valued at $41,000 after acquiring an additional 5,560 shares during the period. Institutional investors and hedge funds own 54.85% of the company’s stock.

Altice USA Price Performance

The company has a market capitalization of $977.14 million, a P/E ratio of -0.53 and a beta of 1.63. The stock’s fifty day simple moving average is $2.38 and its 200-day simple moving average is $2.38.

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.