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

Shares of Optimum Communications, Inc. (NYSE:OPTU) have received a consensus recommendation of “Reduce” from the eight ratings firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $0.95.

Several research firms have recently weighed in on OPTU. UBS Group decreased their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday. Barclays dropped their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a report on Friday, May 8th. Evercore set a $1.25 target price on shares of Optimum Communications in a research note on Tuesday. Finally, Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday.

Optimum Communications Stock Down 7.5%

OPTU opened at $0.81 on Friday. Optimum Communications has a twelve month low of $0.79 and a twelve month high of $2.98. The company has a 50-day moving average price of $1.38 and a 200 day moving average price of $1.63. The company has a market cap of $387.61 million, a PE ratio of -0.08 and a beta of 1.56.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data 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). During the same period in the prior year, the business posted ($0.12) earnings per share. Optimum Communications’s revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts expect that Optimum Communications will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Michael Olsen sold 250,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 310,000 shares of company stock worth $485,600 in the last quarter. Insiders own 44.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Optimize Financial Inc purchased a new position in Optimum Communications during the third quarter worth approximately $1,595,000. 140 Summer Partners LP purchased a new stake in Optimum Communications in the 3rd quarter valued at $7,615,000. JPMorgan Chase & Co. grew its holdings in Optimum Communications by 11.1% in the 3rd 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 in the last quarter. Carronade Capital Management LP increased its stake in shares of Optimum Communications by 42.3% in the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after acquiring an additional 1,715,073 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Optimum Communications during the 4th quarter worth $784,000. 54.85% of the stock is owned by hedge funds and other 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.