Citigroup Lowers Optimum Communications (NYSE:OPTU) Price Target to $1.50

Optimum Communications (NYSE:OPTU) had its target price lowered by Citigroup from $1.90 to $1.50 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target would suggest a potential upside of 14.07% from the company’s current price.

A number of other equities analysts have also recently issued reports on OPTU. 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. Evercore set a $2.00 price objective on shares of Optimum Communications in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 18th. Four research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $1.88.

Optimum Communications Trading Up 1.9%

Shares of OPTU traded up $0.03 during mid-day trading on Wednesday, hitting $1.32. 1,282,122 shares of the company traded hands, compared to its average volume of 2,262,837. The stock has a market capitalization of $618.65 million, a price-to-earnings ratio of -0.33 and a beta of 1.51. Optimum Communications has a one year low of $1.20 and a one year high of $2.98. The business has a 50-day moving average of $1.48 and a 200 day moving average of $1.82.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). During the same quarter in the previous year, the company earned ($0.12) EPS. The firm’s revenue was down 2.3% on a year-over-year basis. As a group, analysts anticipate that Optimum Communications will post -0.24 earnings per share for the current year.

Insider Transactions at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $1.29, for a total transaction of $25,800.00. Following the completion of the sale, the general counsel directly owned 1,219,781 shares of the company’s stock, valued at approximately $1,573,517.49. This represents a 1.61% decrease in their position. The transaction was disclosed in a document filed 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 three months, insiders sold 290,000 shares of company stock worth $453,800. 44.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Optimum Communications

Several institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC bought a new stake in Optimum Communications in the 4th quarter valued at $213,000. PEAK6 LLC bought a new stake in Optimum Communications in the 4th quarter valued at $400,000. Eos Management L.P. bought a new stake in Optimum Communications in the 4th quarter valued at $97,000. Corient Private Wealth LLC bought a new stake in Optimum Communications in the 4th quarter valued at $348,000. Finally, Sentinel Dome Partners LLC bought a new stake in Optimum Communications in the 4th quarter valued at $330,000. 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.