Optimum Communications, Inc. (NYSE:OPTU) Receives Consensus Recommendation of “Reduce” from Analysts

Optimum Communications, Inc. (NYSE:OPTU) has been given an average rating of “Reduce” by the six brokerages that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $2.1875.

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Barclays cut their price objective on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Evercore set a $2.00 price target on shares of Optimum Communications in a research report on Friday, February 13th.

Optimum Communications Stock Down 4.9%

Shares of OPTU opened at $1.37 on Monday. Optimum Communications has a 12-month low of $1.37 and a 12-month high of $2.98. The business’s fifty day moving average is $1.70 and its 200 day moving average is $2.01. The stock has a market cap of $644.53 million, a P/E ratio of -0.34 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. During the same quarter last year, the firm posted ($0.12) EPS. The company’s revenue was down 2.3% on a year-over-year basis. On average, analysts expect that Optimum Communications will post -0.24 EPS for the current year.

Insider Activity at Optimum Communications

In other news, General Counsel Michael Olsen sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the transaction, the general counsel owned 1,496,277 shares in the company, valued at $2,394,043.20. The trade was a 14.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 44.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Optimum Communications

A number of hedge funds have recently bought and sold shares of the business. Invesco Ltd. bought a new position in Optimum Communications in the 4th quarter valued at $736,000. Corient Private Wealth LLC purchased a new stake in Optimum Communications during the fourth quarter worth about $348,000. Mackenzie Financial Corp bought a new stake in Optimum Communications in the fourth quarter worth about $1,520,000. XTX Topco Ltd purchased a new position in Optimum Communications in the fourth quarter valued at about $329,000. Finally, nVerses Capital LLC purchased a new position in Optimum Communications in the fourth quarter valued at about $74,000. 54.85% of the stock is currently 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.