Optimum Communications (NYSE:OPTU) Shares Gap Up – Here’s What Happened

Shares of Optimum Communications, Inc. (NYSE:OPTU) gapped up prior to trading on Monday . The stock had previously closed at $1.40, but opened at $1.46. Optimum Communications shares last traded at $1.3750, with a volume of 105,575 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Evercore set a $2.00 price objective on Optimum Communications in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Zacks Research lowered Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 18th. Finally, Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Four research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Optimum Communications presently has an average rating of “Reduce” and an average price target of $2.19.

Optimum Communications Price Performance

The firm has a market cap of $653.94 million, a P/E ratio of -0.35 and a beta of 1.51. The business’s 50-day moving average is $1.54 and its two-hundred day moving average is $1.88.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same period in the previous year, the company earned ($0.12) EPS. Optimum Communications’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts predict that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Insiders Place Their Bets

In related news, General Counsel Michael Olsen sold 250,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the transaction, the general counsel directly owned 1,496,277 shares of the company’s stock, valued at approximately $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 44.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. acquired a new position in shares of Optimum Communications during the 4th quarter worth about $46,002,000. Empyrean Capital Partners LP bought a new position in Optimum Communications during the fourth quarter worth about $41,297,000. Deutsche Bank AG acquired a new position in Optimum Communications during the fourth quarter worth approximately $27,135,000. Millennium Management LLC acquired a new position in Optimum Communications during the fourth quarter worth approximately $24,478,000. Finally, JPMorgan Chase & Co. raised its stake in Optimum Communications by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after buying an additional 879,589 shares during the period. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Company Profile

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.