Optimum Communications (NYSE:OPTU) Hits New 1-Year Low – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $1.38 and last traded at $1.40, with a volume of 483681 shares traded. The stock had previously closed at $1.49.

Analyst Upgrades and Downgrades

OPTU has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Citigroup downgraded Optimum Communications from a “buy” rating to a “neutral” rating in a 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. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Evercore set a $2.00 price target on shares of Optimum Communications in a research note on Friday, February 13th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $2.19.

Optimum Communications Price Performance

The business has a 50-day simple moving average of $1.67 and a two-hundred day simple moving average of $1.98. The stock has a market cap of $675.11 million, a price-to-earnings ratio of -0.36 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data 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). During the same quarter in the prior year, the business earned ($0.12) earnings per share. Optimum Communications’s revenue was down 2.3% on a year-over-year basis. As a group, equities analysts anticipate that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 250,000 shares of the firm’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 in the company, valued at approximately $2,394,043.20. This trade represents a 14.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 44.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sentinel Dome Partners LLC acquired a new stake in Optimum Communications during the fourth quarter worth approximately $330,000. Invesco Ltd. acquired a new position in shares of Optimum Communications in the fourth quarter valued at approximately $736,000. Corient Private Wealth LLC bought a new position in shares of Optimum Communications during the fourth quarter worth approximately $348,000. Mackenzie Financial Corp bought a new position in shares of Optimum Communications during the fourth quarter worth approximately $1,520,000. Finally, XTX Topco Ltd acquired a new stake in Optimum Communications during the 4th quarter worth approximately $329,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Optimum Communications Company 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.