Optimum Communications (NYSE:OPTU) Hits New 1-Year Low – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $1.38 and last traded at $1.40, with a volume of 483681 shares changing hands. The stock had previously closed at $1.49.

Analyst Upgrades and Downgrades

OPTU has been the topic of a number of research analyst reports. Citigroup lowered Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Evercore set a $2.00 price objective on Optimum Communications in a research report on Friday, February 13th. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Optimum Communications has an average rating of “Reduce” and a consensus target price of $2.19.

Optimum Communications Trading Down 3.7%

The stock has a market cap of $675.11 million, a price-to-earnings ratio of -0.36 and a beta of 1.51. The company has a 50 day simple moving average of $1.67 and a 200-day simple moving average of $1.98.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). Optimum Communications’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.12) earnings per share. Equities analysts forecast that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares of the company’s stock, valued at $2,394,043.20. This represents a 14.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 44.60% of the stock is currently owned by company insiders.

Institutional Trading of Optimum Communications

Institutional investors have recently made changes to their positions in the business. Swiss Life Asset Management Ltd bought a new position in Optimum Communications in the third quarter valued at $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications during the 3rd quarter worth about $27,000. Cibc World Markets Corp acquired a new position in shares of Optimum Communications during the 4th quarter worth about $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications during the 3rd quarter worth about $31,000. Finally, Xponance LLC bought a new position in shares of Optimum Communications in the 4th quarter valued at about $34,000. Institutional investors own 54.85% of the company’s stock.

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.