Optimum Communications, Inc. (NYSE:OPTU) Given Consensus Rating of “Reduce” by Brokerages

Shares of Optimum Communications, Inc. (NYSE:OPTU) have been given a consensus recommendation of “Reduce” by the nine research firms that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $0.9167.

OPTU has been the subject of several analyst reports. Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, September 11th. Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Monday, August 31st. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Wells Fargo & Company lowered their price objective on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th.

Insiders Place Their Bets

In other Optimum Communications news, major shareholder Neil S. Subin bought 171,711 shares of Optimum Communications stock in a transaction on Monday, August 24th. The shares were purchased at an average price of $0.83 per share, with a total value of $142,520.13. Following the acquisition, the insider owned 19,548,909 shares in the company, valued at $16,225,594.47. This trade represents a 0.89% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 3,032,354 shares of company stock worth $2,455,613 over the last three months. Corporate insiders own 43.40% of the company’s stock.

Institutional Investors Weigh In On Optimum Communications

A number of institutional investors have recently made changes to their positions in the stock. Cidel Asset Management Inc. purchased a new stake in Optimum Communications during the 1st quarter worth approximately $32,000. Segall Bryant & Hamill LLC acquired a new stake in shares of Optimum Communications during the first quarter worth approximately $54,000. Bank of America Corp DE grew its position in shares of Optimum Communications by 4.2% during the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after buying an additional 43,279 shares in the last quarter. ProShare Advisors LLC acquired a new stake in Optimum Communications in the fourth quarter valued at $79,000. Finally, Eos Management L.P. acquired a new position in shares of Optimum Communications in the 4th quarter valued at about $97,000. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Price Performance

Shares of OPTU traded down $0.01 on Friday, hitting $1.02. The company’s stock had a trading volume of 286,641 shares, compared to its average volume of 5,418,056. The company has a market capitalization of $279.38 million, a PE ratio of -0.10 and a beta of 1.25. The company has a 50 day moving average price of $0.92 and a 200 day moving average price of $1.14. Optimum Communications has a fifty-two week low of $0.58 and a fifty-two week high of $2.79.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. On average, equities analysts forecast that Optimum Communications will post -0.83 EPS for the current year.

Optimum Communications Company Profile

Optimum Communications, Inc is a telecommunications and broadband services provider operating under the Optimum brand. The company offers high-speed internet, video and television services, mobile connectivity, digital voice, and related communications products to residential customers. It also provides internet, phone, networking, and other connectivity solutions for businesses and organizations.

The company’s operations are concentrated in the United States, serving customers across a range of metropolitan and regional markets.