Optimum Communications (NYSE:OPTU) Shares Gap Up – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU) shares gapped up prior to trading on Monday . The stock had previously closed at $0.6582, but opened at $1.19. Optimum Communications shares last traded at $1.2350, with a volume of 58,634,942 shares traded.

Analysts Set New Price Targets

Several brokerages recently issued reports on OPTU. Citigroup lowered shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the company from $1.50 to $0.50 in a report on Friday, May 15th. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Evercore set a $1.25 target price on Optimum Communications in a research note on Tuesday, May 12th. Five investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

The stock has a market cap of $586.11 million, a PE ratio of -0.12 and a beta of 1.37. The firm has a fifty day moving average price of $1.22 and a 200 day moving average price of $1.53.

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the sale, the general counsel directly owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 44.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Optimum Communications

Several hedge funds have recently modified their holdings of the stock. Swiss Life Asset Management Ltd purchased a new position in shares of Optimum Communications in the 3rd quarter valued at approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Optimum Communications during the 3rd quarter valued at approximately $27,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications in the third quarter worth $31,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Optimum Communications by 50.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after buying an additional 5,156 shares during the last quarter. Finally, Morningstar Investment Management LLC acquired a new stake in shares of Optimum Communications during the third quarter worth $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

About Optimum Communications

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.