Michael Olsen Sells 20,000 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $0.88, for a total transaction of $17,600.00. Following the transaction, the general counsel directly owned 888,454 shares in the company, valued at approximately $781,839.52. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total transaction of $22,400.00.
• On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00.

Optimum Communications Stock Up 6.5%

OPTU opened at $1.15 on Friday. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.98. The company has a 50-day moving average price of $1.16 and a 200 day moving average price of $1.44. The company has a market cap of $547.94 million, a PE ratio of -0.12 and a beta of 1.13.

Institutional Trading of Optimum Communications

Several large investors have recently bought and sold shares of OPTU. Royal Bank of Canada lifted its stake in Optimum Communications by 365.8% in the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock worth $5,775,000 after purchasing an additional 1,704,908 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Optimum Communications by 4.7% in the first quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock valued at $2,146,000 after purchasing an additional 36,260 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Optimum Communications by 10.5% in the first quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after purchasing an additional 524,169 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Optimum Communications by 46.6% in the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock valued at $17,016,000 after purchasing an additional 2,031,971 shares during the last quarter. Finally, Caxton Associates LLP acquired a new stake in shares of Optimum Communications in the first quarter valued at approximately $88,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on OPTU. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a report on Friday, May 8th. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. UBS Group reduced their price objective on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Finally, Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Optimum Communications currently has an average rating of “Reduce” and an average price target of $0.95.

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.