Optimum Communications (NYSE:OPTU) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Optimum Communications (NYSE:OPTU) from a strong sell rating to a sell rating in a research report released on Saturday morning.

A number of other analysts have also recently commented on OPTU. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Barclays dropped their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Six analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Optimum Communications has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Trading Down 3.3%

NYSE OPTU opened at $0.83 on Friday. Optimum Communications has a 12 month low of $0.58 and a 12 month high of $2.98. The stock has a 50 day moving average of $1.07 and a 200-day moving average of $1.38. The company has a market cap of $396.42 million, a PE ratio of -0.08 and a beta of 1.15.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 60,000 shares of company stock worth $71,800. Insiders own 43.40% of the company’s stock.

Institutional Investors Weigh In On Optimum Communications

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in Optimum Communications by 11.1% during the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after acquiring an additional 879,589 shares during the period. Cerberus Capital Management L.P. acquired a new stake in Optimum Communications in the 4th quarter worth about $6,502,000. Vanguard Group Inc. bought a new stake in Optimum Communications in the 4th quarter valued at about $46,002,000. Mount Capital Ltd bought a new stake in Optimum Communications in the 4th quarter valued at about $6,418,000. Finally, Shenkman Capital Management Inc. acquired a new position in shares of Optimum Communications during the 4th quarter worth approximately $1,444,000. 54.85% of the stock is currently 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.