Optimum Communications (NYSE:OPTU) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Optimum Communications, Inc. (NYSE:OPTU) saw an uptick in trading volume on Wednesday . 8,521,840 shares were traded during mid-day trading, an increase of 63% from the previous session’s volume of 5,233,411 shares.The stock last traded at $1.4650 and had previously closed at $1.35.

Analyst Ratings Changes

Several brokerages have issued reports on OPTU. Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, June 12th. The Goldman Sachs Group set a $1.00 price objective on shares of Optimum Communications in a report on Friday, May 8th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Barclays reduced their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Up 5.2%

The firm has a market cap of $676.59 million, a PE ratio of -0.14 and a beta of 1.37. The firm’s fifty day simple moving average is $1.18 and its two-hundred day simple moving average is $1.45.

Insider Buying and Selling at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. The trade was a 1.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 60,000 shares of company stock worth $80,000. 43.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Optimum Communications

A number of institutional investors have recently bought and sold shares of OPTU. Man Group plc raised its holdings in Optimum Communications by 6.4% during the second quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after acquiring an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Optimum Communications by 1.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after acquiring an additional 7,470 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Optimum Communications by 41.6% in the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after acquiring an additional 8,420 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Optimum Communications by 28.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after purchasing an additional 9,598 shares in the last quarter. Finally, Swiss Life Asset Management Ltd purchased a new stake in shares of Optimum Communications during the third quarter worth about $26,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

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.