Optimum Communications (NYSE:OPTU) General Counsel Michael Olsen Sells 20,000 Shares of Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $0.74, for a total value of $14,800.00. Following the completion of the transaction, the general counsel directly owned 868,454 shares in the company, valued at approximately $642,655.96. This trade represents a 2.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Wednesday, July 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $0.88, for a total transaction of $17,600.00.
• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total transaction of $22,400.00.

Optimum Communications Price Performance

Shares of OPTU stock opened at $0.79 on Thursday. The firm has a market cap of $378.46 million, a PE ratio of -0.08 and a beta of 1.20. The company has a 50-day moving average of $1.09 and a two-hundred day moving average of $1.29. Optimum Communications, Inc. has a 1-year low of $0.58 and a 1-year high of $2.79.

Institutional Investors Weigh In On Optimum Communications

Hedge funds have recently bought and sold shares of the stock. Voleon Capital Management LP purchased a new stake in shares of Optimum Communications during the third quarter worth approximately $31,000. Morningstar Investment Management LLC purchased a new position in Optimum Communications in the third quarter worth approximately $39,000. Cibc World Markets Corp purchased a new position in Optimum Communications in the fourth quarter worth approximately $29,000. Xponance LLC acquired a new position in Optimum Communications during the 4th quarter worth approximately $34,000. Finally, Ritholtz Wealth Management purchased a new stake in shares of Optimum Communications in the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OPTU shares. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a report on Friday, May 8th. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Finally, Evercore set a $1.25 target price on shares of Optimum Communications in a research note on Tuesday, May 12th. Six 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, the stock currently has an average 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.