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

Optimum Communications, Inc. (NYSE:OPTU) has been given a consensus recommendation of “Reduce” by the nine analysts that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $0.95.

A number of equities research analysts have commented on the company. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group set a $1.00 price objective on shares of Optimum Communications in a research note on Friday, May 8th. UBS Group decreased their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Barclays lowered their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th.

Insider Activity

In other news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction 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. The trade was a 1.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 60,000 shares of company stock worth $71,800. 43.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Optimum Communications

Hedge funds and other institutional investors have recently bought and sold shares of the company. Swiss Life Asset Management Ltd purchased a new stake in Optimum Communications during the third quarter worth $26,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications in the third quarter valued at $31,000. Morningstar Investment Management LLC acquired a new position in shares of Optimum Communications during the 3rd quarter worth $39,000. Cibc World Markets Corp acquired a new position in shares of Optimum Communications during the 4th quarter worth $29,000. Finally, Xponance LLC acquired a new position in shares of Optimum Communications during the 4th quarter worth $34,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Optimum Communications Price Performance

Optimum Communications stock opened at $1.22 on Friday. Optimum Communications has a 1-year low of $0.58 and a 1-year high of $2.98. The company has a market cap of $578.91 million, a PE ratio of -0.12 and a beta of 1.15. The stock’s 50 day moving average price is $1.12 and its 200 day moving average price is $1.42.

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.