Optimum Communications (NYSE:OPTU) Reaches New 1-Year Low Following Insider Selling

Shares of Optimum Communications, Inc. (NYSE:OPTU) reached a new 52-week low on Tuesday following insider selling activity. The company traded as low as $1.3850 and last traded at $1.4550, with a volume of 2030640 shares changing hands. The stock had previously closed at $1.44.

Specifically, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.40, for a total value of $28,000.00. Following the completion of the transaction, the general counsel directly owned 1,239,781 shares in the company, valued at approximately $1,735,693.40. This trade represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Citigroup lowered shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Evercore set a $2.00 price objective on Optimum Communications in a report on Friday, February 13th. Finally, Barclays cut their target price on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $2.19.

Optimum Communications Price Performance

The stock has a market cap of $715.10 million, a price-to-earnings ratio of -0.38 and a beta of 1.51. The business has a fifty day moving average of $1.68 and a 200 day moving average of $2.00.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same period in the previous year, the company earned ($0.12) EPS. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts expect that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Institutional Trading of Optimum Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Swiss Life Asset Management Ltd acquired a new position in Optimum Communications during the 3rd quarter worth $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications in the third quarter valued at about $27,000. Voleon Capital Management LP bought a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $31,000. Wealth Enhancement Advisory Services LLC grew its position in Optimum Communications by 50.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after acquiring an additional 5,156 shares during the period. Finally, Morningstar Investment Management LLC bought a new stake in shares of Optimum Communications in the 3rd quarter worth about $39,000. 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.