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

Optimum Communications, Inc. (NYSE:OPTU)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $1.18, but opened at $1.10. Optimum Communications shares last traded at $1.1750, with a volume of 1,835,754 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on OPTU shares. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. 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. Raymond James Financial cut shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Up 8.9%

The company has a market capitalization of $612.26 million, a P/E ratio of -0.13 and a beta of 1.15. The company has a 50 day simple moving average of $1.13 and a two-hundred day simple moving average of $1.42.

Insider Buying and Selling

In related news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction dated 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 directly owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 60,000 shares of company stock worth $71,800 over the last ninety days. 43.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Optimum Communications

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

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.