Optimum Communications (NYSE:OPTU) Trading 11% Higher – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU)’s stock price traded up 11% during mid-day trading on Tuesday . The company traded as high as $1.40 and last traded at $1.3650. 1,527,138 shares changed hands during trading, a decline of 75% from the average daily volume of 6,090,996 shares. The stock had previously closed at $1.23.

Analyst Ratings Changes

OPTU has been the topic of a number of recent analyst reports. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and decreased their price target for the company from $1.50 to $0.50 in a report on Friday, May 15th. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Optimum Communications has an average rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Performance

The business’s fifty day moving average price is $1.14 and its two-hundred day moving average price is $1.43. The stock has a market capitalization of $580.20 million, a P/E ratio of -0.12 and a beta of 1.15.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the company’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 directly owned 1,199,781 shares in the company, valued at $1,907,651.79. This represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 60,000 shares of company stock worth $71,800 over the last quarter. Insiders own 43.40% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

Several large investors have recently modified their holdings of OPTU. 140 Summer Partners LP purchased a new stake in shares of Optimum Communications in the third quarter worth approximately $7,615,000. JPMorgan Chase & Co. boosted its holdings in Optimum Communications by 11.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after acquiring an additional 879,589 shares during the period. Carronade Capital Management LP boosted its holdings in Optimum Communications by 42.3% during the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock valued at $13,903,000 after acquiring an additional 1,715,073 shares during the period. Cerberus Capital Management L.P. bought a new position in Optimum Communications in the 4th quarter valued at $6,502,000. Finally, Vanguard Group Inc. bought a new position in Optimum Communications in the 4th quarter valued at $46,002,000. Institutional investors 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.