Millennium Management LLC recently announced the acquisition of new stake in Altice USA Inc (NYSE:ATUS). The institutional investor has increased its shareholding in the Communication Services company by 51.61% to 7.76 million shares with purchase of 2.64 million shares. This fresh investment now brings its stake to 2.87% valued currently at $22.42 million.
With over 4.74 million Altice USA Inc (ATUS) shares trading Tuesday and a closing price of $1.88 on the day, the dollar volume was approximately $8.91 million. The shares have shown a negative half year performance of -38.76% and its price on 12/12/23 lost nearly -6.93%. Currently, there are 639.09M common shares owned by the public and among those 344.36M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for ATUS have a consensus price objective of $4.62. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $1.00. The average price target is 59.31% above its recent price level and a downside to the estimated low will see the stock lose -88.0% over that period. But an upside of 88.25% will see the stock hit the forecast high price target while median target price for the stock is $3.00.
Insiders at the company have transacted a total of 20 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 2,154,220 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 2,007,968 shares.
The top 3 mutual fund holders in Altice USA Inc are Clarkston Partners Fund, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Clarkston Partners Fund owns 9.0 million shares of the company’s stock, all valued at over $26.01 million. The company sold -1.0 million shares recently to bring their total holdings to about 3.33% of the shares outstanding. Vanguard Small Cap Index Fund bought 2700.0 shares to bring its total holdings to over 5.56 million shares at a value of $16.07 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.06% of the shares outstanding.
However, the script later moved the day high at 2.0300, down -6.93%. The company’s stock has a 5-day price change of -9.62% and -36.49% over the past three months. ATUS shares are trading -59.13% year to date (YTD), with the 12-month market performance down to -53.35% lower. It has a 12-month low price of $2.01 and touched a high of $5.57 over the same period. ATUS has an average intraday trading volume of 3.38 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -16.20%, -28.46%, and -37.30% respectively.
Institutional ownership of Altice USA Inc (NYSE: ATUS) shares accounts for 36.31% of the company’s 639.09M shares outstanding. Mutual fund holders own 56.55%, while other institutional holders and individual stakeholders account for 75.85% and 29.49% respectively.
It has a market capitalization of $1.20B and a beta (3y monthly) value of 1.31. The earnings-per-share (ttm) stands at -$0.05. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.44% over the week and 8.11% over the month.
Analysts forecast that Altice USA Inc (ATUS) will achieve an EPS of $0.07 for the current quarter, $0.05 for the next quarter and $0.34 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of $0.21. Comparatively, EPS for the current quarter was -$0.43 a year ago. Earnings per share for the fiscal year are expected to increase by 12.74%, and -23.22% over the next financial year. EPS should grow at an annualized rate of 6.40% over the next five years, compared to -27.52% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Altice USA Inc (ATUS) as a “Moderate Buy” at a consensus score of 2.68. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 13 of the 22 advise that investors “hold,” and 2 rated it as a “Sell.”
