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

Shares of Optimum Communications, Inc. (NYSE:OPTU) have been given a consensus recommendation of “Reduce” by the nine analysts that are currently covering the firm, Marketbeat reports. Three equities 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 brokers that have covered the stock in the last year is $0.95.

A number of research analysts recently issued reports on OPTU shares. Citigroup lowered Optimum Communications from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $1.50 to $0.50 in a report on Friday, May 15th. UBS Group reduced their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Finally, Barclays cut their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th.

Insider Activity

In other news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of the sale, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 60,000 shares of company stock valued at $71,800 over the last quarter. 43.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Optimum Communications

Hedge funds have recently modified their holdings of the stock. Cibc World Markets Corp acquired a new stake in shares of Optimum Communications during the fourth quarter worth $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications in the 3rd quarter valued at $31,000. Cidel Asset Management Inc. purchased a new position in Optimum Communications in the 1st quarter worth about $32,000. Xponance LLC purchased a new position in Optimum Communications in the 4th quarter worth about $34,000. Finally, Ritholtz Wealth Management acquired a new stake in Optimum Communications during the 4th quarter worth about $38,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Price Performance

Shares of Optimum Communications stock traded up $0.00 during trading on Thursday, hitting $0.76. The stock had a trading volume of 178,588 shares, compared to its average volume of 6,216,283. The firm has a market cap of $363.26 million, a P/E ratio of -0.08 and a beta of 1.15. The business has a fifty day moving average of $1.07 and a two-hundred day moving average of $1.33. Optimum Communications has a fifty-two week low of $0.58 and a fifty-two week high of $2.79.

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.