Optimum Communications (NYSE:OPTU) Shares Down 4.8% – Here’s What Happened

Shares of Optimum Communications, Inc. (NYSE:OPTU) dropped 4.8% on Thursday . The company traded as low as $1.28 and last traded at $1.2850. 9,072,092 shares traded hands during mid-day trading, an increase of 43% from the average session volume of 6,339,463 shares. The stock had previously closed at $1.35.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on OPTU shares. Barclays reduced 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 report on Friday, May 8th. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a research note on Friday, May 8th. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Finally, Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $0.95.

Optimum Communications Stock Down 13.0%

The stock has a market capitalization of $509.82 million, a PE ratio of -0.11 and a beta of 1.15. The business’s 50-day moving average is $1.11 and its two-hundred day moving average is $1.42.

Insider Transactions 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 value of $31,800.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 60,000 shares of company stock worth $71,800. Company insiders own 43.40% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Swiss Life Asset Management Ltd acquired a new position in Optimum Communications in the 3rd quarter valued at about $26,000. Cibc World Markets Corp purchased a new position in shares of Optimum Communications in the 4th quarter valued at approximately $29,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications in the 3rd quarter valued at approximately $31,000. Cidel Asset Management Inc. acquired a new position in shares of Optimum Communications in the first quarter valued at approximately $32,000. Finally, Xponance LLC acquired a new position in shares of Optimum Communications in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

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.