CastleKnight Management LP Takes Position in Optimum Communications, Inc. $OPTU

CastleKnight Management LP purchased a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 5,104,410 shares of the company’s stock, valued at approximately $8,422,000.

A number of other large investors also recently modified their holdings of OPTU. Vanguard Group Inc. acquired a new position in shares of Optimum Communications during the fourth quarter valued at $46,002,000. Deutsche Bank AG bought a new position in Optimum Communications during the fourth quarter valued at about $27,135,000. Redwood Capital Management LLC bought a new position in Optimum Communications during the fourth quarter valued at about $13,512,000. Goldman Sachs Group Inc. bought a new position in Optimum Communications during the fourth quarter valued at about $12,534,000. Finally, Charles Schwab Investment Management Inc. bought a new position in Optimum Communications during the fourth quarter valued at about $12,232,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Optimum Communications Stock Down 2.9%

NYSE:OPTU opened at $1.25 on Thursday. Optimum Communications, Inc. has a 1-year low of $0.58 and a 1-year high of $2.98. The firm has a market capitalization of $596.68 million, a price-to-earnings ratio of -0.13 and a beta of 1.36. The stock has a fifty day simple moving average of $1.18 and a 200 day simple moving average of $1.47.

Insider Buying and Selling at Optimum Communications

In related 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 value of $31,800.00. Following the completion of the transaction, the general counsel owned 1,199,781 shares in the company, valued at $1,907,651.79. This trade represents a 1.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 60,000 shares of company stock valued at $80,000. Company insiders own 43.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on OPTU shares. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. UBS Group decreased their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Evercore set a $1.25 target price on Optimum Communications in a research note on Tuesday, May 12th. Finally, Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $0.95.

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.