Hudson Bay Capital Management LP Sells 700,000 Shares of Optimum Communications, Inc. $OPTU

Hudson Bay Capital Management LP reduced its holdings in Optimum Communications, Inc. (NYSE:OPTU) by 9.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,749,991 shares of the company’s stock after selling 700,000 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Optimum Communications were worth $16,267,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OPTU. Royal Bank of Canada raised its position in shares of Optimum Communications by 365.8% during the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock valued at $5,775,000 after acquiring an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Optimum Communications by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock worth $2,146,000 after purchasing an additional 36,260 shares during the last quarter. Millennium Management LLC grew its stake in shares of Optimum Communications by 10.5% during the first quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock worth $14,673,000 after purchasing an additional 524,169 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Optimum Communications by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after purchasing an additional 2,031,971 shares during the period. Finally, Caxton Associates LLP bought a new stake in Optimum Communications in the first quarter valued at about $88,000. 54.85% of the stock is owned by institutional investors.

Optimum Communications Trading Down 3.3%

OPTU stock opened at $1.34 on Friday. Optimum Communications, Inc. has a 1-year low of $1.29 and a 1-year high of $2.98. The firm has a market cap of $628.06 million, a PE ratio of -0.33 and a beta of 1.51. The business’s 50-day moving average price is $1.60 and its two-hundred day moving average price is $1.93.

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

Insider Activity

In related news, General Counsel Michael Olsen sold 250,000 shares of the 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 sale, the general counsel directly owned 1,496,277 shares of the company’s stock, valued at approximately $2,394,043.20. This represents a 14.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 44.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OPTU shares. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Citigroup downgraded shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Raymond James Financial cut shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and a consensus price target of $2.19.

Optimum Communications 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.