Optimum Communications (NYSE:OPTU) General Counsel Michael Olsen Sells 250,000 Shares of Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 250,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the transaction, the general counsel owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. This represents a 14.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Optimum Communications Trading Down 1.6%

NYSE:OPTU traded down $0.03 on Friday, reaching $1.54. The stock had a trading volume of 396,469 shares, compared to its average volume of 2,081,389. The stock has a market cap of $721.19 million, a P/E ratio of -0.38 and a beta of 1.51. Optimum Communications, Inc. has a 12-month low of $1.51 and a 12-month high of $3.04. The company has a 50-day moving average of $1.73 and a 200 day moving average of $2.05.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same period in the prior year, the company posted ($0.12) earnings per share. Optimum Communications’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities analysts predict that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on OPTU shares. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Evercore set a $2.00 target price on shares of Optimum Communications in a research note on Friday, February 13th. Barclays reduced their price target on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $2.19.

Institutional Trading of Optimum Communications

Large investors have recently bought and sold shares of the stock. Invesco Ltd. acquired a new stake in shares of Optimum Communications in the fourth quarter valued at $736,000. Corient Private Wealth LLC acquired a new position in shares of Optimum Communications in the 4th quarter valued at $348,000. Mackenzie Financial Corp bought a new position in Optimum Communications during the fourth quarter worth about $1,520,000. XTX Topco Ltd bought a new position in Optimum Communications during the 4th quarter worth approximately $329,000. Finally, nVerses Capital LLC acquired a new stake in shares of Optimum Communications during the fourth quarter worth $74,000. 54.85% of the stock is currently owned by institutional investors.

Optimum Communications Company Profile

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to approximately five million residential and business customers. The company’s video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.