Patrick Drahi, a director and significant shareholder of Altice USA, Inc. (NYSE:ATUS), recently sold a substantial portion of his holdings in the company. On December 20, Drahi sold 805,230 shares of Altice USA's Class A common stock. The shares were sold at prices ranging from $23.3164 to $25.6836, amounting to a total transaction value of approximately $19.7 million. Currently trading at $2.50, with a market capitalization of $1.15 billion, InvestingPro analysis indicates the stock is fairly valued based on its comprehensive Fair Value model.
Following these transactions, Drahi's direct ownership of Altice USA shares stands at 7,457,112 shares. These sales are part of his ongoing management of his investment in the company, which is carried out through his personal holding company, Next (LON:NXT) Alt S.a.r.l. According to the filing, the transactions were not part of any equity swap agreements. InvestingPro data shows the stock has demonstrated strong volatility, with a beta of 1.53, while maintaining a significant 21.1% price return over the past six months.
Altice USA, a cable and telecommunications company, continues to be a significant part of Drahi's investment portfolio, as he retains a substantial shareholding in the firm. The company generated $9.02 billion in revenue over the last twelve months, with a robust gross profit margin of 67.6%. Get deeper insights into ATUS's financial health and access 7 additional exclusive ProTips with InvestingPro.
In other recent news, Altice USA has been making significant strides. A major highlight is the company's decision to grant CEO Dennis Mathew a $5 million cash performance award, contingent upon achieving specific financial targets for fiscal year 2027. This comes as part of Altice USA's long-term incentive plan designed to drive financial growth and stability.
Altice USA also revealed an executive transition, with Colleen Schmidt, Executive Vice President, Human Resources, transitioning to a Senior Advisor role before officially separating from the company in March 2025.
In terms of analyst notes, Citi analysts have maintained their Buy rating on Altice USA, citing opportunities for cost reduction and positive price actions in 2025. TD Cowen, despite reducing its price target, continues to recommend a Buy rating based on the company's Q3 2024 performance and future goals.
Altice USA reported Q3 revenue of $2.2 billion and adjusted EBITDA of $862 million. The company also added 47,000 new fiber customers and 36,000 new mobile lines in Q3, aiming to reach over 1 million customers in each segment by 2026 and 2027, respectively. These are among the recent developments that investors should keep an eye on.
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