Optimum Communications (NYSE:OPTU) Shares Down 5.8% – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU) shares fell 5.8% during trading on Wednesday . The stock traded as low as $1.20 and last traded at $1.2150. 561,363 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 4,885,228 shares. The stock had previously closed at $1.29.

Analysts Set New Price Targets

Several research firms recently weighed in on OPTU. Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Evercore set a $1.25 target price on shares of Optimum Communications in a research report on Tuesday, May 12th. The Goldman Sachs Group set a $1.00 price objective on shares of Optimum Communications in a research report on Friday, May 8th. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $1.50 to $0.50 in a research report on Friday, May 15th. Finally, Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Optimum Communications currently has a consensus rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Performance

The stock’s 50-day moving average is $1.19 and its 200 day moving average is $1.47. The firm has a market cap of $581.29 million, a P/E ratio of -0.12 and a beta of 1.36.

Insiders Place Their Bets

In related news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 60,000 shares of company stock valued at $80,000. 43.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Optimum Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 140 Summer Partners LP acquired a new position in Optimum Communications in the 3rd quarter worth $7,615,000. JPMorgan Chase & Co. boosted its stake in Optimum Communications by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after purchasing an additional 879,589 shares during the period. Carronade Capital Management LP boosted its stake in Optimum Communications by 42.3% in the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after purchasing an additional 1,715,073 shares during the period. Vanguard Group Inc. acquired a new position in Optimum Communications in the 4th quarter worth $46,002,000. Finally, Mount Capital Ltd acquired a new position in Optimum Communications in the 4th quarter worth $6,418,000. 54.85% of the stock is owned by institutional investors and hedge funds.

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.