CastleKnight Management LP Takes $8.42 Million Position in Optimum Communications, Inc. $OPTU

CastleKnight Management LP purchased a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,104,410 shares of the company’s stock, valued at approximately $8,422,000. CastleKnight Management LP owned approximately 1.09% of Optimum Communications at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Swiss Life Asset Management Ltd bought a new position in Optimum Communications during the third quarter worth $26,000. Voleon Capital Management LP bought a new position in Optimum Communications during the third quarter worth $31,000. Morningstar Investment Management LLC bought a new position in Optimum Communications during the third quarter worth $39,000. Cibc World Markets Corp bought a new position in Optimum Communications during the fourth quarter worth $29,000. Finally, Xponance LLC bought a new position in Optimum Communications during the fourth quarter worth $34,000. 54.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OPTU shares. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a research note on Friday, May 8th. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, June 12th. Barclays reduced their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $1.50 to $0.50 in a research note on Friday, May 15th. Finally, Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Performance

Optimum Communications stock opened at $1.25 on Thursday. The company has a 50-day simple moving average of $1.18 and a 200-day simple moving average of $1.47. The firm has a market capitalization of $596.68 million, a P/E ratio of -0.13 and a beta of 1.36. Optimum Communications, Inc. has a one year low of $0.58 and a one year high of $2.98.

Insider Activity at Optimum Communications

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

Optimum Communications 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.