Optimum Communications (NYSE:OPTU) Rating Lowered to Strong Sell at Wall Street Zen

Optimum Communications (NYSE:OPTU) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Sunday.

A number of other research firms also recently weighed in on OPTU. Evercore set a $1.25 price target on shares of Optimum Communications in a research note on Tuesday, May 12th. UBS Group reduced their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Barclays lowered their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a research report on Friday, May 8th. Finally, Weiss Ratings downgraded Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 16th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $0.95.

Optimum Communications Trading Down 5.5%

Optimum Communications stock opened at $0.76 on Friday. Optimum Communications has a 1 year low of $0.58 and a 1 year high of $2.79. The company has a market cap of $362.93 million, a PE ratio of -0.08 and a beta of 1.15. The company’s 50-day moving average is $1.07 and its two-hundred day moving average is $1.34.

Insiders Place Their Bets

In related news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, the general counsel owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This trade represents a 1.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 60,000 shares of company stock worth $71,800. 43.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Optimum Communications

Several large investors have recently bought and sold shares of the company. Man Group plc boosted its position in shares of Optimum Communications by 6.4% during the second quarter. Man Group plc now owns 101,736 shares of the company’s stock worth $218,000 after purchasing an additional 6,137 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Optimum Communications by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after buying an additional 7,470 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Optimum Communications by 41.6% in the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Optimum Communications by 28.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after buying an additional 9,598 shares during the period. Finally, Swiss Life Asset Management Ltd acquired a new stake in Optimum Communications during the 3rd quarter worth $26,000. 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.