Optimum Communications (NYSE:OPTU) Shares Gap Down – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU) shares gapped down before the market opened on Wednesday . The stock had previously closed at $1.45, but opened at $0.8190. Optimum Communications shares last traded at $1.0750, with a volume of 16,879,593 shares.

Wall Street Analysts Forecast Growth

OPTU has been the topic of a number of analyst reports. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. UBS Group decreased their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Finally, Weiss Ratings downgraded shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, June 12th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Performance

The business has a fifty day simple moving average of $1.18 and a 200-day simple moving average of $1.45. The firm has a market cap of $481.23 million, a price-to-earnings ratio of -0.10 and a beta of 1.36.

Insider Activity at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 43.40% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in OPTU. Swiss Life Asset Management Ltd acquired a new stake in shares of Optimum Communications during the third quarter worth $26,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications during the third quarter worth approximately $31,000. Morningstar Investment Management LLC acquired a new position in Optimum Communications during the third quarter worth $39,000. Cibc World Markets Corp bought a new position in Optimum Communications in the 4th quarter valued at about $29,000. Finally, Xponance LLC bought a new position in shares of Optimum Communications in the fourth quarter valued at approximately $34,000. 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.