Patrick Drahi, a director and significant shareholder of Altice USA, Inc. (NYSE:ATUS), has recently sold shares in the company totaling approximately $19.7 million. The transactions, conducted on December 13, involved the sale of Class A common stock at prices ranging from $23.3164 to $25.6836 per share. The stock currently trades at $2.62, with InvestingPro data showing significant volatility in recent months, though the company has posted a strong 27.6% return over the past six months.
Drahi, through his holding company Next (LON:NXT) Alt S.a.r.l., executed three separate sales of 268,410 shares each. Following these transactions, Drahi's direct ownership in Altice USA stands at 11,483,262 shares.
These sales occurred in conjunction with the expiration of existing bilateral European capped call transactions, as noted in the company's filings.
In other recent news, Altice USA has seen several significant developments. The company reported Q3 revenue of $2.2 billion and adjusted EBITDA of $862 million, with a notable increase in mobile services revenue. Altice USA added 47,000 new fiber customers in Q3, reaching a total of 482,000, and expanded its mobile services with 36,000 new lines, totaling 420,000. The company also generated $77 million in free cash flow in Q3.
Altice USA announced the departure of Colleen Schmidt, Executive Vice President, Human Resources, who will transition to a Senior Advisor role to the CEO until her separation from the company in March 2025. In analyst news, Citi analysts retained a Buy rating on Altice USA, citing opportunities for cost reduction and positive price actions in 2025. Meanwhile, TD Cowen maintained a Buy rating despite reducing the price target for Altice USA due to mixed financial indicators in the company's Q3 2024 performance.
These are among the recent developments for Altice USA. The company is focused on growing its fiber and mobile subscriber bases, aiming for over 1 million customers in each segment by 2026 and 2027, respectively. Analysts from Citi and TD Cowen have expressed confidence in the company's strategic direction, acknowledging the company's progress in key areas.
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