Optimum Communications (NYSE:OPTU) Price Target Cut to $1.50 by Analysts at Citigroup

Optimum Communications (NYSE:OPTU) had its price target cut by Citigroup from $1.90 to $1.50 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Other equities research analysts have also issued research reports about the company. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Evercore set a $2.00 price target on Optimum Communications in a research note on Friday, February 13th. Finally, Zacks Research lowered Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 18th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $1.88.

Optimum Communications Trading Up 3.9%

NYSE OPTU opened at $1.34 on Wednesday. The business’s 50 day moving average is $1.47 and its two-hundred day moving average is $1.82. The stock has a market capitalization of $630.42 million, a price-to-earnings ratio of -0.34 and a beta of 1.51. Optimum Communications has a 12-month low of $1.20 and a 12-month high of $2.98.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.12) earnings per share. Equities analysts forecast that Optimum Communications will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $1.29, for a total value of $25,800.00. Following the sale, the general counsel owned 1,219,781 shares of the company’s stock, valued at approximately $1,573,517.49. This represents a 1.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 290,000 shares of company stock valued at $453,800. 44.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Optimum Communications

A number of institutional investors and hedge funds have recently bought and sold shares of OPTU. Royal Bank of Canada lifted its stake in Optimum Communications by 365.8% in the 1st quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock valued at $5,775,000 after buying an additional 1,704,908 shares in the last quarter. AQR Capital Management LLC lifted its stake in Optimum Communications by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock valued at $2,146,000 after buying an additional 36,260 shares in the last quarter. Millennium Management LLC lifted its stake in Optimum Communications by 10.5% in the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after buying an additional 524,169 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Optimum Communications by 46.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock valued at $17,016,000 after buying an additional 2,031,971 shares in the last quarter. Finally, Caxton Associates LLP purchased a new stake in Optimum Communications in the 1st quarter valued at approximately $88,000. Hedge funds and other institutional investors 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.