Next (LON:NXT) Alt S.a.r.l., an entity controlled by Patrick Drahi, recently executed significant stock transactions involving Altice USA, Inc. (NYSE:ATUS). On November 29, the company sold 805,227 shares of Altice USA's Class A common stock. The sales were conducted at prices ranging from $23.3164 to $25.6836 per share, resulting in a total transaction value of approximately $19.7 million. Currently trading at $2.51, with a market capitalization of $1.15 billion, Altice USA has experienced significant price volatility. According to InvestingPro analysis, the company maintains a "Fair" overall financial health score.
Following these transactions, Next Alt's direct ownership in Altice USA stands at 19,535,550 shares. These sales were part of a broader series of transactions related to the exercise and expiration of capped call agreements, as detailed in the company's recent filings. Analyst targets for the stock range from $1 to $5, reflecting mixed market sentiment. InvestingPro subscribers can access detailed valuation metrics and 8 additional key insights about ATUS's financial outlook.
In other recent news, Altice-USA reported mixed results in their Q3 2024 performance, prompting TD Cowen to lower the company's stock target to $3.50 from a previous $6.00, while maintaining a 'Buy' rating. The company showcased strong subscriber growth in its fiber and mobile segments and set new near-term targets, including significant increases in mobile and fiber subscriber additions and an aim to achieve EBITDA margins around 40%. However, a reduced capital expenditure forecast for 2025 is expected to slow the rollout of fiber-to-the-home infrastructure.
Despite a decline in total revenue and residential revenue, Altice-USA saw a significant increase in mobile services revenue and reported Q3 revenue of $2.2 billion with an adjusted EBITDA of $862 million. The company added 47,000 new fiber customers and 36,000 new mobile lines in Q3, generating $77 million in free cash flow.
Altice-USA aims to grow its fiber and mobile subscriber bases to over 1 million customers each by 2026 and 2027 respectively, and anticipates reaching 500,000 fiber customers by the end of 2023. These recent developments reflect the company's commitment to operational excellence and strategic growth, despite facing challenges in the dynamic telecommunications market.
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