Altice USA (NYSE:ATUS) Shares Gap Down to $2.34

Altice USA, Inc. (NYSE:ATUS) gapped down prior to trading on Thursday . The stock had previously closed at $2.34, but opened at $2.24. Altice USA shares last traded at $2.26, with a volume of 272,312 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms recently commented on ATUS. Wells Fargo & Company downgraded Altice USA from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $2.00 to $1.00 in a research note on Friday, April 5th. BNP Paribas downgraded Altice USA from a “neutral” rating to an “underperform” rating and set a $1.00 price objective for the company. in a research note on Tuesday. Benchmark reissued a “buy” rating and issued a $5.00 price objective on shares of Altice USA in a research note on Wednesday, March 20th. Evercore ISI reissued an “in-line” rating and issued a $3.00 price objective on shares of Altice USA in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Altice USA in a research note on Thursday. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $2.90.

Altice USA Stock Performance

The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 18.67 and a beta of 1.35. The business has a 50 day simple moving average of $2.44 and a 200-day simple moving average of $2.59.

Altice USA (NYSE:ATUS) last released its quarterly earnings results on Wednesday, February 14th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.33). The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Altice USA had a negative return on equity of 12.81% and a net margin of 0.58%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.43) earnings per share. Equities analysts predict that Altice USA, Inc. will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Altice USA

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Altice USA by 11.7% in the 1st quarter. Vanguard Group Inc. now owns 22,253,606 shares of the company’s stock valued at $277,725,000 after buying an additional 2,324,303 shares during the period. BlackRock Inc. raised its position in shares of Altice USA by 1.6% during the 1st quarter. BlackRock Inc. now owns 16,302,827 shares of the company’s stock worth $203,460,000 after acquiring an additional 263,465 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Altice USA by 33.8% during the 1st quarter. AQR Capital Management LLC now owns 16,153,169 shares of the company’s stock worth $51,367,000 after acquiring an additional 4,083,604 shares in the last quarter. Bank of America Corp DE raised its position in shares of Altice USA by 916.5% during the 1st quarter. Bank of America Corp DE now owns 10,064,744 shares of the company’s stock worth $34,421,000 after acquiring an additional 9,074,653 shares in the last quarter. Finally, TPG GP A LLC increased its position in Altice USA by 2.8% during the second quarter. TPG GP A LLC now owns 8,282,378 shares of the company’s stock worth $76,612,000 after buying an additional 227,960 shares during the period. 54.85% of the stock is currently owned by hedge funds and other 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.