Wells Fargo & Company Cuts Optimum Communications (NYSE:OPTU) Price Target to $0.75

Optimum Communications (NYSE:OPTU) had its target price lowered by Wells Fargo & Company from $1.00 to $0.75 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other analysts also recently commented on the stock. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a report on Friday, May 8th. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Barclays lowered their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Evercore set a $1.25 price target on Optimum Communications in a research note on Tuesday, May 12th. Finally, Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $0.92.

Optimum Communications Price Performance

Shares of OPTU opened at $0.85 on Tuesday. Optimum Communications has a one year low of $0.58 and a one year high of $2.79. The company has a market cap of $405.43 million, a PE ratio of -0.08 and a beta of 1.20. The firm has a 50-day moving average of $1.07 and a 200-day moving average of $1.25.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OPTU. Vanguard Group Inc. purchased a new stake in shares of Optimum Communications in the fourth quarter valued at about $46,002,000. Empyrean Capital Partners LP purchased a new stake in shares of Optimum Communications in the fourth quarter worth $41,297,000. Deutsche Bank AG purchased a new position in Optimum Communications during the fourth quarter worth about $27,135,000. Millennium Management LLC bought a new position in Optimum Communications in the 4th quarter worth about $24,478,000. Finally, Redwood Capital Management LLC bought a new position in Optimum Communications in the 4th quarter worth about $13,512,000. 54.85% of the stock is owned by institutional investors.

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.