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

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $0.74, for a total transaction of $14,800.00. Following the transaction, the general counsel owned 868,454 shares in the company, valued at $642,655.96. This represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, July 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $0.88, for a total transaction of $17,600.00.
• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total value of $22,400.00.

Optimum Communications Trading Down 9.2%

Optimum Communications stock traded down $0.08 during midday trading on Wednesday, reaching $0.79. The stock had a trading volume of 2,590,957 shares, compared to its average volume of 6,141,411. Optimum Communications, Inc. has a 12 month low of $0.58 and a 12 month high of $2.79. The company has a market capitalization of $378.46 million, a P/E ratio of -0.08 and a beta of 1.20. The company has a fifty day moving average price of $1.09 and a two-hundred day moving average price of $1.29.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Cerberus Capital Management L.P. bought a new position in Optimum Communications during the 4th quarter valued at $6,502,000. Vanguard Group Inc. purchased a new stake in shares of Optimum Communications in the fourth quarter valued at about $46,002,000. CastleKnight Management LP bought a new position in shares of Optimum Communications during the fourth quarter valued at about $8,422,000. Mount Capital Ltd bought a new position in shares of Optimum Communications during the fourth quarter valued at about $6,418,000. Finally, BW Gestao de Investimentos Ltda. purchased a new position in Optimum Communications during the fourth quarter worth about $1,618,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on OPTU shares. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Barclays decreased their price target on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. UBS Group dropped 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, Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Six equities 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, the company presently has a consensus rating of “Reduce” and an average target price 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.