Optimum Communications (NYSE:OPTU) Sees Unusually-High Trading Volume After Analyst Upgrade

Optimum Communications, Inc. (NYSE:OPTU) shares saw unusually-strong trading volume on Friday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. Approximately 3,781,644 shares changed hands during mid-day trading, an increase of 66% from the previous session’s volume of 2,277,832 shares.The stock last traded at $1.6250 and had previously closed at $1.53.

Other analysts have also recently issued reports about the stock. Evercore set a $2.00 target price on shares of Optimum Communications in a research note on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Citigroup reduced their target price on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. Raymond James Financial cut shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Finally, Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $1.88.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $1.29, for a total value of $25,800.00. Following the completion of the sale, the general counsel directly owned 1,219,781 shares in the company, valued at approximately $1,573,517.49. The trade was a 1.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 290,000 shares of company stock valued at $453,800 in the last ninety days. 44.60% of the stock is currently owned by insiders.

Institutional Trading of Optimum Communications

A number of institutional investors and hedge funds have recently modified their holdings of OPTU. Swiss Life Asset Management Ltd acquired a new stake in shares of Optimum Communications in the third quarter worth $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Optimum Communications in the third quarter worth $27,000. Cibc World Markets Corp acquired a new stake in shares of Optimum Communications in the fourth quarter worth $29,000. Voleon Capital Management LP acquired a new stake in shares of Optimum Communications in the third quarter worth $31,000. Finally, Cidel Asset Management Inc. acquired a new stake in shares of Optimum Communications in the first quarter worth $32,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Price Performance

The stock’s 50 day moving average price is $1.45 and its two-hundred day moving average price is $1.77. The firm has a market capitalization of $778.61 million, a price-to-earnings ratio of -0.41 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). During the same period last year, the business posted ($0.12) EPS. Optimum Communications’s revenue was down 2.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

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.