Optimum Communications (NYSE:OPTU) General Counsel Michael Olsen Sells 20,000 Shares of Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $0.88, for a total transaction of $17,600.00. Following the completion of the transaction, the general counsel directly owned 888,454 shares of the company’s stock, valued at approximately $781,839.52. The trade was a 2.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.12, for a total transaction of $22,400.00.
• On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00.

Optimum Communications Stock Down 27.1%

Optimum Communications stock opened at $1.06 on Thursday. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98. The firm has a market cap of $503.96 million, a PE ratio of -0.11 and a beta of 1.13. The company’s 50 day moving average is $1.17 and its two-hundred day moving average is $1.44.

Hedge Funds Weigh In On Optimum Communications

A number of institutional investors and hedge funds have recently modified their holdings of OPTU. 140 Summer Partners LP purchased a new position in shares of Optimum Communications in the 3rd quarter valued at about $7,615,000. JPMorgan Chase & Co. grew its position in shares of Optimum Communications by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after buying an additional 879,589 shares during the last quarter. Carronade Capital Management LP raised its stake in Optimum Communications by 42.3% during the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after acquiring an additional 1,715,073 shares in the last quarter. Cerberus Capital Management L.P. acquired a new stake in Optimum Communications during the 4th quarter worth $6,502,000. Finally, Vanguard Group Inc. purchased a new stake in Optimum Communications in the fourth quarter valued at $46,002,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OPTU. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. UBS Group cut their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Citigroup lowered Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price target for the company from $1.50 to $0.50 in a research report on Friday, May 15th. Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Finally, Barclays lowered their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $0.95.

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.