Optimum Communications (NYSE:OPTU) Stock Price Up 8.3% – Should You Buy?

Optimum Communications, Inc. (NYSE:OPTU)’s stock price shot up 8.3% on Monday . The stock traded as high as $1.2450 and last traded at $1.2450. 692,670 shares traded hands during trading, a decline of 86% from the average session volume of 5,048,318 shares. The stock had previously closed at $1.15.

Analyst Ratings Changes

A number of brokerages recently issued reports on OPTU. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. UBS Group cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, June 12th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Performance

The stock has a market capitalization of $593.21 million, a PE ratio of -0.13 and a beta of 1.37. The stock’s 50 day moving average is $1.18 and its two-hundred day moving average is $1.46.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on 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 directly owned 1,199,781 shares of the company’s stock, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 60,000 shares of company stock worth $80,000 in the last three months. 43.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Optimum Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. purchased a new stake in shares of Optimum Communications during the fourth quarter worth $46,002,000. Empyrean Capital Partners LP purchased a new position in shares of Optimum Communications in the fourth quarter worth about $41,297,000. Deutsche Bank AG acquired a new position in Optimum Communications during the fourth quarter worth about $27,135,000. Millennium Management LLC acquired a new position in Optimum Communications during the fourth quarter worth about $24,478,000. Finally, Redwood Capital Management LLC purchased a new stake in Optimum Communications during the 4th quarter valued at about $13,512,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

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.