Optimum Communications, Inc. (NYSE:OPTU) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of Optimum Communications, Inc. (NYSE:OPTU) have been given an average rating of “Reduce” by the six research firms that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $2.55.

Several research analysts recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Zacks Research downgraded shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Friday, January 16th. Barclays lowered their target price on Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Evercore set a $2.50 target price on Optimum Communications in a report on Friday, November 7th. Finally, Citigroup decreased their price target on Optimum Communications from $3.25 to $2.75 and set a “buy” rating for the company in a research note on Wednesday, November 12th.

Institutional Trading of Optimum Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new position in shares of Optimum Communications during the 4th quarter worth about $46,002,000. Millennium Management LLC increased its holdings in shares of Optimum Communications by 31.0% in the third quarter. Millennium Management LLC now owns 11,463,764 shares of the company’s stock valued at $27,628,000 after purchasing an additional 2,711,903 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of 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 purchasing an additional 879,589 shares during the last quarter. Hudson Bay Capital Management LP raised its position in shares of Optimum Communications by 7.5% in the second quarter. Hudson Bay Capital Management LP now owns 7,449,991 shares of the company’s stock valued at $15,943,000 after purchasing an additional 521,287 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Optimum Communications by 46.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after buying an additional 2,031,971 shares during the last quarter. 54.85% of the stock is owned by institutional investors.

Optimum Communications Price Performance

NYSE:OPTU opened at $1.64 on Thursday. The company has a market cap of $770.52 million, a P/E ratio of -0.41 and a beta of 1.51. Optimum Communications has a twelve month low of $1.52 and a twelve month high of $3.20. The business has a 50 day moving average price of $1.76 and a two-hundred day moving average price of $2.10.

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.