Optimum Communications, Inc. (NYSE:OPTU) Given Consensus Rating of “Reduce” by Analysts

Optimum Communications, Inc. (NYSE:OPTU) has received an average recommendation of “Reduce” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $2.55.

Several equities analysts have recently weighed in on OPTU shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Zacks Research downgraded Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Friday, January 16th. Barclays dropped their target price on Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Evercore ISI set a $2.50 price target on shares of Optimum Communications in a research report on Friday, November 7th. Finally, Citigroup dropped their price objective on shares of Optimum Communications from $3.25 to $2.75 and set a “buy” rating on the stock in a report on Wednesday, November 12th.

Institutional Investors Weigh In On Optimum Communications

A number of hedge funds have recently modified their holdings of the business. Optimize Financial Inc bought a new stake in shares of Optimum Communications during the 3rd quarter valued at $1,595,000. Compass Rose Asset Management LP increased its stake in Optimum Communications by 108.0% in the 2nd quarter. Compass Rose Asset Management LP now owns 2,600,000 shares of the company’s stock worth $5,564,000 after buying an additional 1,350,000 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in Optimum Communications during the second quarter valued at about $579,000. JPMorgan Chase & Co. lifted its position in shares of Optimum Communications by 8.8% in the second quarter. JPMorgan Chase & Co. now owns 7,923,968 shares of the company’s stock valued at $16,957,000 after acquiring an additional 641,966 shares in the last quarter. Finally, May Hill Capital LLC purchased a new position in shares of Optimum Communications in the second quarter valued at about $29,000. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Stock Performance

Shares of NYSE:OPTU opened at $1.60 on Thursday. The firm has a market cap of $751.73 million, a price-to-earnings ratio of -0.40 and a beta of 1.51. The business has a 50-day simple moving average of $1.77 and a two-hundred day simple moving average of $2.13. Optimum Communications has a fifty-two week low of $1.52 and a fifty-two week high of $3.20.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($3.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($3.43). The firm had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.13 billion. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.09) EPS. As a group, research analysts predict that Optimum Communications will post -0.24 earnings per share for the current year.

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.