Wall Street Zen Upgrades Optimum Communications (NYSE:OPTU) to Sell

Optimum Communications (NYSE:OPTU) was upgraded by stock analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

Several other equities research analysts have also issued reports on OPTU. Barclays dropped their price target on 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. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. Finally, Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Six equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Down 2.6%

NYSE:OPTU opened at $0.87 on Friday. The company has a market cap of $412.19 million, a PE ratio of -0.09 and a beta of 1.15. The business’s 50 day moving average is $1.07 and its two-hundred day moving average is $1.39. Optimum Communications has a 52 week low of $0.58 and a 52 week 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 $71,800 in the last three months. 43.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

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

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.