Optimum Communications (NYSE:OPTU) Shares Gap Up – Still a Buy?

Shares of Optimum Communications, Inc. (NYSE:OPTU) gapped up prior to trading on Thursday . The stock had previously closed at $1.62, but opened at $1.76. Optimum Communications shares last traded at $1.66, with a volume of 640,302 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Evercore set a $2.50 price objective on Optimum Communications in a research report on Friday, November 7th. Citigroup decreased their target price on Optimum Communications from $3.25 to $2.75 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. Finally, Zacks Research downgraded Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Friday, January 16th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Optimum Communications has a consensus rating of “Reduce” and an average target price of $2.55.

Optimum Communications Trading Down 0.3%

The firm has a market capitalization of $758.78 million, a P/E ratio of -0.41 and a beta of 1.51. The firm has a 50 day moving average price of $1.75 and a 200-day moving average price of $2.09.

Hedge Funds Weigh In On Optimum Communications

A number of large investors have recently made changes to their positions in the company. Swiss Life Asset Management Ltd bought a new position in Optimum Communications during the 3rd quarter valued at about $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Optimum Communications during the third quarter valued at approximately $27,000. May Hill Capital LLC purchased a new position in shares of Optimum Communications during the second quarter valued at approximately $29,000. Voleon Capital Management LP bought a new position in shares of Optimum Communications during the third quarter valued at approximately $31,000. Finally, Xponance LLC purchased a new stake in shares of Optimum Communications in the fourth quarter worth approximately $34,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

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.