Optimum Communications (NYSE:OPTU) General Counsel Sells $400,000.00 in Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction 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 sale, the general counsel directly owned 1,496,277 shares in the company, valued at $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Optimum Communications Price Performance

NYSE OPTU traded down $0.04 during trading hours on Thursday, reaching $1.56. The company’s stock had a trading volume of 1,232,450 shares, compared to its average volume of 2,133,735. Optimum Communications, Inc. has a 1-year low of $1.52 and a 1-year high of $3.04. The company’s 50-day moving average is $1.73 and its two-hundred day moving average is $2.05. The firm has a market capitalization of $730.59 million, a price-to-earnings ratio of -0.39 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same period in the prior year, the business posted ($0.12) EPS. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. Equities analysts forecast that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OPTU. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Citigroup cut shares of Optimum Communications from a “buy” rating to a “neutral” rating in a report on Sunday. Evercore set a $2.00 price objective on Optimum Communications in a research note on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Finally, Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $2.19.

Institutional Investors Weigh In On Optimum Communications

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. acquired a new position in shares of Optimum Communications during the fourth quarter valued at $46,002,000. Empyrean Capital Partners LP acquired a new position in shares of Optimum Communications in the 4th quarter valued at $41,297,000. Deutsche Bank AG purchased a new position in shares of Optimum Communications in the fourth quarter worth approximately $27,135,000. Millennium Management LLC purchased a new position in Optimum Communications during the 4th quarter worth approximately $24,478,000. Finally, JPMorgan Chase & Co. raised its position in Optimum Communications by 11.1% during the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after buying an additional 879,589 shares during the period. 54.85% of the stock is currently owned by institutional investors.

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.