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

Shares of Optimum Communications, Inc. (NYSE:OPTU) have received an average rating of “Reduce” from the nine brokerages that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating and six have given 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 $0.95.

A number of research analysts have recently issued reports on OPTU shares. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $1.50 to $0.50 in a report on Friday, May 15th. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. UBS Group cut their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Finally, Evercore set a $1.25 price target on Optimum Communications in a report on Tuesday, May 12th.

Optimum Communications Trading Up 2.8%

NYSE:OPTU opened at $1.09 on Wednesday. Optimum Communications has a 1 year low of $0.58 and a 1 year high of $2.98. The firm has a 50 day moving average of $1.19 and a 200-day moving average of $1.49. The stock has a market capitalization of $519.35 million, a P/E ratio of -0.11 and a beta of 1.36.

Insider Activity

In other news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, the general counsel directly owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 60,000 shares of company stock worth $80,000 in the last quarter. 44.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Optimum Communications

A number of large investors have recently modified their holdings of OPTU. Swiss Life Asset Management Ltd acquired a new position in shares of Optimum Communications during the third quarter worth approximately $26,000. Cibc World Markets Corp acquired a new position in shares of Optimum Communications during the fourth quarter worth approximately $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications during the third quarter worth approximately $31,000. Cidel Asset Management Inc. bought a new position in Optimum Communications in the first quarter valued at about $32,000. Finally, Xponance LLC bought a new position in Optimum Communications in the fourth quarter valued at about $34,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

About Optimum Communications

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.