Optimum Communications, Inc. (NYSE:OPTU) Receives Consensus Recommendation of “Reduce” from Analysts

Optimum Communications, Inc. (NYSE:OPTU) has received an average recommendation of “Reduce” from the nine research firms that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $0.95.

A number of research firms recently commented on OPTU. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a research report on Friday, May 8th. Evercore set a $1.25 price target on Optimum Communications in a report on Tuesday, May 12th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Finally, UBS Group cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th.

Optimum Communications Trading Down 0.9%

Shares of NYSE:OPTU traded down $0.01 during trading on Friday, reaching $1.15. The stock had a trading volume of 10,681,361 shares, compared to its average volume of 14,083,048. Optimum Communications has a one year low of $0.58 and a one year high of $2.98. The company has a market capitalization of $547.94 million, a P/E ratio of -0.12 and a beta of 1.15. The firm’s 50-day simple moving average is $1.15 and its 200 day simple moving average is $1.44.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the sale, the general counsel owned 1,199,781 shares of the company’s stock, valued at approximately $1,907,651.79. The trade was a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 60,000 shares of company stock worth $71,800. 43.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Optimum Communications

Several hedge funds have recently made changes to their positions in the company. Segall Bryant & Hamill LLC purchased a new position in Optimum Communications in the 1st quarter worth $54,000. Bank of America Corp DE increased its holdings in shares of Optimum Communications by 4.2% in the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock valued at $1,407,000 after purchasing an additional 43,279 shares during the period. Readystate Asset Management LP lifted its holdings in shares of Optimum Communications by 23.7% during the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock worth $1,600,000 after purchasing an additional 235,559 shares during the period. Carronade Capital Management LP boosted its position in Optimum Communications by 9.3% in the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after buying an additional 558,000 shares during the last quarter. Finally, Helix Partners Management LP increased its holdings in Optimum Communications by 36.0% in the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock worth $2,210,000 after buying an additional 450,000 shares during the period. 54.85% of the stock is owned by institutional investors and hedge funds.

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.