Optimum Communications (NYSE:OPTU) Shares Gap Up – Time to Buy?

Optimum Communications, Inc. (NYSE:OPTU) gapped up before the market opened on Monday . The stock had previously closed at $0.6582, but opened at $1.19. Optimum Communications shares last traded at $1.2350, with a volume of 58,634,942 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OPTU. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Citigroup lowered Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Six research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Performance

The company has a 50 day moving average of $1.22 and a two-hundred day moving average of $1.52. The stock has a market cap of $559.85 million, a PE ratio of -0.12 and a beta of 1.36.

Insider Buying and Selling at Optimum Communications

In related 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 completion of the transaction, the general counsel owned 1,199,781 shares in the company, valued at $1,907,651.79. The trade was a 1.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 60,000 shares of company stock valued at $80,000. 44.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Optimum Communications

Large investors have recently bought and sold shares of the company. Swiss Life Asset Management Ltd purchased a new stake in Optimum Communications during the 3rd quarter worth approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Optimum Communications during the 3rd quarter worth approximately $27,000. Voleon Capital Management LP purchased a new stake in Optimum Communications during the 3rd quarter worth approximately $31,000. Wealth Enhancement Advisory Services LLC increased its stake in Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after buying an additional 5,156 shares in the last quarter. Finally, Morningstar Investment Management LLC purchased a new stake in Optimum Communications during the 3rd quarter worth approximately $39,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

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.