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

Optimum Communications, Inc. (NYSE:OPTU) has received an average rating of “Reduce” from the nine analysts that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $0.95.

Several research analysts have weighed in on OPTU shares. Evercore set a $1.25 target price on Optimum Communications in a report on Tuesday, May 12th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. UBS Group reduced their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th.

Insider Activity

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the sale, the general counsel owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This trade represents a 1.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 60,000 shares of company stock valued at $80,000. Company insiders own 43.40% of the company’s stock.

Institutional Trading of Optimum Communications

Several hedge funds and other institutional investors have recently modified their holdings of OPTU. Vanguard Group Inc. acquired a new stake in shares of Optimum Communications in the 4th quarter valued at about $46,002,000. Empyrean Capital Partners LP acquired a new stake in shares of Optimum Communications in the 4th quarter valued at about $41,297,000. Deutsche Bank AG acquired a new stake in shares of Optimum Communications in the 4th quarter valued at about $27,135,000. Millennium Management LLC acquired a new stake in shares of Optimum Communications in the 4th quarter valued at about $24,478,000. Finally, Redwood Capital Management LLC acquired a new stake in shares of Optimum Communications in the 4th quarter valued at about $13,512,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Optimum Communications Trading Down 0.4%

OPTU stock opened at $1.29 on Wednesday. The business’s 50-day moving average price is $1.19 and its two-hundred day moving average price is $1.48. The firm has a market cap of $612.26 million, a PE ratio of -0.13 and a beta of 1.37. Optimum Communications has a 1-year low of $0.58 and a 1-year high of $2.98.

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.