Optimum Communications, Inc. (NYSE:OPTU) Stock Has Consensus Target Price of $0.92

Optimum Communications, Inc. (NYSE:OPTU) has earned an average recommendation of “Reduce” from the nine brokerages that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $0.92.

A number of research firms recently commented on OPTU. Wells Fargo & Company lowered their price objective on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research report on Tuesday, August 11th. Weiss Ratings downgraded Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, October 14th. Zacks Research lowered Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Monday, August 31st. Finally, Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th.

Insider Activity at Optimum Communications

In other Optimum Communications news, major shareholder Neil S. Subin acquired 171,711 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were acquired at an average price of $0.83 per share, for a total transaction of $142,520.13. Following the acquisition, the insider directly owned 19,548,909 shares of the company’s stock, valued at approximately $16,225,594.47. This trade represents a 0.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 3,032,354 shares of company stock worth $2,455,613 over the last quarter. Company insiders own 43.40% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

Several institutional investors and hedge funds have recently modified their holdings of the business. Cidel Asset Management Inc. acquired a new stake in Optimum Communications during the 1st quarter worth approximately $32,000. Segall Bryant & Hamill LLC acquired a new position in shares of Optimum Communications in the first quarter valued at approximately $54,000. Eos Management L.P. acquired a new position in shares of Optimum Communications in the fourth quarter valued at approximately $97,000. Integrated Wealth Concepts LLC bought a new stake in shares of Optimum Communications during the second quarter worth $86,000. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Optimum Communications by 541.6% during the first quarter. Y Intercept Hong Kong Ltd now owns 69,744 shares of the company’s stock worth $91,000 after acquiring an additional 58,873 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Stock Performance

Shares of NYSE OPTU opened at $0.91 on Tuesday. Optimum Communications has a 52-week low of $0.58 and a 52-week high of $2.45. The firm has a 50 day moving average price of $0.97 and a 200 day moving average price of $1.08.

Optimum Communications (NYSE:OPTU) last posted its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. On average, sell-side analysts forecast that Optimum Communications will post -0.83 earnings per share for the current fiscal year.

Optimum Communications Company Profile

Optimum Communications, Inc, doing business as Optimum, is a telecommunications company that provides connectivity and communications services to residential and business customers. Its offerings include high-speed broadband internet, television and streaming services, wireless mobile plans, digital voice services and related home connectivity products.

The company also serves commercial, enterprise and wholesale customers with services such as business internet, voice, networking, managed communications and data connectivity solutions.