Optimum Communications (NYSE:OPTU) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen downgraded shares of Optimum Communications (NYSE:OPTU) from a sell rating to a strong sell rating in a research report sent to investors on Saturday morning.

A number of other research firms also recently issued reports on OPTU. Weiss Ratings downgraded shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. UBS Group dropped their target price on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, 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 report on Friday, May 8th. Five research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Performance

OPTU opened at $0.81 on Friday. The firm has a 50 day moving average price of $1.38 and a 200 day moving average price of $1.63. The company has a market cap of $387.61 million, a PE ratio of -0.08 and a beta of 1.56. Optimum Communications has a 1 year low of $0.79 and a 1 year high of $2.98.

Optimum Communications (NYSE:OPTU) last posted 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’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 earned ($0.12) EPS. On average, sell-side analysts predict that Optimum Communications will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares in the company, valued at $2,394,043.20. This represents a 14.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders sold 310,000 shares of company stock valued at $485,600. 44.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Optimum Communications

Institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss Life Asset Management Ltd purchased a new position in Optimum Communications in the 3rd quarter worth approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Optimum Communications during the 3rd quarter valued at approximately $27,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications during the 3rd quarter valued at approximately $31,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after buying an additional 5,156 shares during the last quarter. Finally, Morningstar Investment Management LLC purchased a new position in shares of Optimum Communications during the 3rd quarter valued at approximately $39,000. 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.