Denison Mines announces $250 million convertible notes offering
Patrick Drahi, Chairman of Altice USA, Inc. (NYSE:ATUS), has sold a significant portion of the company's Class A common stock. According to a recent SEC filing, Drahi offloaded a total of 805,230 shares on December 12, 2024, at prices ranging from $23.3164 to $25.6836 per share. The total value of these transactions amounted to approximately $19.7 million. The company, currently valued at $1.24 billion market cap, has seen its stock price demonstrate significant volatility, as highlighted by InvestingPro analysis.
Following these sales, Drahi, through his holding company Next (LON:NXT) Alt S.a.r.l., retains ownership of 12,288,492 shares. This move comes as part of a broader strategy involving the exercise of expiring capped call options, which required the delivery of shares to a financial institution as part of debt repayment related to these options. According to InvestingPro data, the company's current financial position shows short-term obligations exceeding liquid assets, with a current ratio of 0.41.
Next Alt S.a.r.l., Drahi's personal holding company, continues to hold a significant stake in Altice USA, reflecting his ongoing involvement and interest in the company. Despite recent market challenges, InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, which covers over 1,400 US stocks.
In other recent news, Altice USA has been the subject of several significant developments. The company announced an executive transition with Colleen Schmidt, Executive Vice President, Human Resources, set to leave her current role by March 2025. Schmidt will transition to a Senior Advisor role to the CEO, assisting in the handover of her duties.
Citi analysts have maintained a Buy rating for Altice USA, citing opportunities for cost reduction and positive price actions in 2025. TD Cowen also continues to recommend a Buy rating on Altice USA's stock, despite a reduction in the price target following the company's third-quarter 2024 performance.
Altice USA reported Q3 revenue of $2.2 billion and adjusted EBITDA of $862 million. The company added 47,000 new fiber customers, reaching a total of 482,000, and grew its mobile services with 36,000 new lines, totaling 420,000. Furthermore, Altice USA generated $77 million in free cash flow in Q3 and maintains a strong liquidity position with no debt maturities until 2027. These recent developments highlight Altice USA's focus on operational improvements and strategic growth.
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