Optimum Communications (NYSE:OPTU) Hits New 52-Week Low – What’s Next?

Optimum Communications, Inc. (NYSE:OPTU)’s share price hit a new 52-week low during trading on Thursday . The company traded as low as $1.18 and last traded at $1.2850, with a volume of 2381288 shares. The stock had previously closed at $1.38.

Analyst Ratings Changes

A number of equities analysts have recently commented on OPTU shares. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Evercore set a $2.00 price objective on Optimum Communications in a report on Friday, February 13th. Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Citigroup dropped their price objective on Optimum Communications from $1.90 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, April 8th. Finally, Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Five analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and a consensus price target of $1.88.

Optimum Communications Stock Performance

The stock has a fifty day moving average of $1.44 and a 200-day moving average of $1.69. The company has a market cap of $588.08 million, a PE ratio of -0.31 and a beta of 1.56.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.06. As a group, equities analysts anticipate that Optimum Communications, Inc. will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications 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 directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. The trade was a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 310,000 shares of company stock worth $485,600. Insiders own 44.60% of the company’s stock.

Institutional Investors Weigh In On Optimum Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd raised its position in Optimum Communications by 541.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 69,744 shares of the company’s stock valued at $91,000 after purchasing an additional 58,873 shares in the last quarter. Cidel Asset Management Inc. bought a new stake in Optimum Communications during the 1st quarter valued at $32,000. SG Americas Securities LLC bought a new stake in Optimum Communications during the 1st quarter valued at $115,000. Hsbc Holdings PLC bought a new stake in Optimum Communications during the 4th quarter valued at $213,000. Finally, PEAK6 LLC bought a new stake in Optimum Communications during the 4th quarter valued at $400,000. 54.85% of the stock is owned by institutional investors.

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.