Optimum Communications (NYSE:OPTU) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Optimum Communications (NYSE:OPTU) from a strong sell rating to a sell rating in a research note issued to investors on Saturday.

Several other analysts have also commented on the company. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a report on Friday, May 8th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Barclays decreased their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Evercore set a $1.25 price target on Optimum Communications in a report on Tuesday, May 12th. Finally, Weiss Ratings lowered Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. Six investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and an average price target of $0.95.

Optimum Communications Trading Down 2.6%

NYSE OPTU opened at $0.87 on Friday. The firm’s fifty day simple moving average is $1.07 and its two-hundred day simple moving average is $1.39. Optimum Communications has a 12-month low of $0.58 and a 12-month high of $2.98. The firm has a market capitalization of $412.20 million, a P/E ratio of -0.09 and a beta of 1.15.

Insider Buying and Selling at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This represents a 1.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 60,000 shares of company stock worth $71,800 over the last 90 days. 43.40% of the stock is owned by insiders.

Institutional Trading of Optimum Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC purchased a new stake in Optimum Communications during the 1st quarter valued at about $54,000. Bank of America Corp DE lifted its holdings in shares of Optimum Communications by 4.2% during the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after purchasing an additional 43,279 shares during the period. Readystate Asset Management LP boosted its position in Optimum Communications by 23.7% in the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock valued at $1,600,000 after buying an additional 235,559 shares during the last quarter. Carronade Capital Management LP boosted its position in Optimum Communications by 9.3% in the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after buying an additional 558,000 shares during the last quarter. Finally, Helix Partners Management LP increased its holdings in Optimum Communications by 36.0% in the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock worth $2,210,000 after buying an additional 450,000 shares during the period. Institutional investors and hedge funds 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.