Optimum Communications (NYSE:OPTU) General Counsel Sells $14,800.00 in Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $0.74, for a total transaction of $14,800.00. Following the completion of the sale, the general counsel owned 868,454 shares of the company’s stock, valued at approximately $642,655.96. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Wednesday, July 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $0.88, for a total transaction of $17,600.00.
• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total transaction of $22,400.00.

Optimum Communications Stock Up 0.6%

Shares of OPTU opened at $0.81 on Friday. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79. The company’s fifty day moving average is $1.09 and its two-hundred day moving average is $1.28. The firm has a market cap of $385.51 million, a PE ratio of -0.08 and a beta of 1.20.

Institutional Trading of Optimum Communications

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

Analysts Set New Price Targets

A number of research firms have issued reports on OPTU. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. Barclays cut their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Finally, UBS Group dropped their target price on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $0.95.

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.