Stock Traders Buy High Volume of Optimum Communications Put Options (NYSE:OPTU)

Optimum Communications, Inc. (NYSE:OPTU) was the target of unusually large options trading on Friday. Stock investors purchased 9,083 put options on the company. This is an increase of approximately 349% compared to the average daily volume of 2,022 put options.

Optimum Communications Stock Performance

Shares of NYSE:OPTU traded up $0.07 during midday trading on Friday, reaching $1.68. The company’s stock had a trading volume of 6,781,004 shares, compared to its average volume of 5,593,323. Optimum Communications has a fifty-two week low of $0.58 and a fifty-two week high of $2.98. The firm has a 50 day moving average price of $1.18 and a two-hundred day moving average price of $1.45. The firm has a market capitalization of $798.09 million, a price-to-earnings ratio of -0.17 and a beta of 1.36.

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the transaction, the general counsel directly owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This trade represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 60,000 shares of company stock valued at $80,000. 43.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a report on Friday, May 8th. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Six investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $0.95.

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.