Optimum Communications (NYSE:OPTU) Raised to Hold at Zacks Research

Optimum Communications (NYSE:OPTU) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities analysts have also weighed in on OPTU. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Evercore set a $2.00 price target on Optimum Communications in a report on Friday, February 13th. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Citigroup lowered shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday. Finally, Barclays cut their price target on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and an average target price of $2.19.

Optimum Communications Price Performance

Shares of OPTU traded down $0.02 during mid-day trading on Tuesday, reaching $1.58. The company’s stock had a trading volume of 75,842 shares, compared to its average volume of 2,098,168. The company’s 50 day moving average is $1.74 and its 200 day moving average is $2.05. Optimum Communications has a 12-month low of $1.52 and a 12-month high of $3.04. The stock has a market cap of $739.98 million, a PE ratio of -0.39 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last announced its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The company had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.15 billion. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.12) earnings per share. As a group, sell-side analysts anticipate that Optimum Communications will post -0.24 EPS for the current fiscal year.

Institutional Trading of Optimum Communications

A number of hedge funds have recently added to or reduced their stakes in the business. Swiss Life Asset Management Ltd acquired a new position in shares of Optimum Communications during the 3rd quarter valued at about $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Optimum Communications during the third quarter worth approximately $27,000. May Hill Capital LLC purchased a new position in Optimum Communications during the second quarter worth approximately $29,000. Cibc World Markets Corp acquired a new position in shares of Optimum Communications in the 4th quarter valued at $29,000. Finally, Voleon Capital Management LP purchased a new stake in shares of Optimum Communications during the 3rd quarter valued at $31,000. 54.85% of the stock is owned by institutional investors and hedge funds.

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.