Optimum Communications, Inc. (NYSE:OPTU) Stock Has Average Price Target of $0.92

Shares of Optimum Communications, Inc. (NYSE:OPTU) have received an average recommendation of “Reduce” from the nine analysts that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $0.92.

A number of analysts have weighed in on OPTU shares. Zacks Research cut Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Monday, August 31st. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Wells Fargo & Company reduced their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research report on Tuesday, August 11th. Finally, Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 29th.

Optimum Communications Price Performance

Shares of Optimum Communications stock traded down $0.02 during trading on Tuesday, hitting $0.95. 593,909 shares of the company’s stock traded hands, compared to its average volume of 5,128,942. The firm’s fifty day moving average price is $0.96 and its 200 day moving average price is $1.09. Optimum Communications has a twelve month low of $0.58 and a twelve month high of $2.61. The company has a market cap of $259.57 million, a PE ratio of -0.09 and a beta of 1.17.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The firm had revenue of $2.02 billion during the quarter. As a group, equities research analysts anticipate that Optimum Communications will post -0.83 earnings per share for the current year.

Insider Activity

In other news, major shareholder Neil S. Subin purchased 1,291,471 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average price of $0.84 per share, with a total value of $1,084,835.64. Following the completion of the purchase, the insider directly owned 18,791,471 shares of the company’s stock, valued at $15,784,835.64. The trade was a 7.38% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired a total of 3,032,354 shares of company stock worth $2,455,613 over the last quarter. Corporate insiders own 43.40% of the company’s stock.

Institutional Trading of Optimum Communications

A number of hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP lifted its holdings in Optimum Communications by 2,392.3% during the second quarter. Engineers Gate Manager LP now owns 266,771 shares of the company’s stock worth $387,000 after acquiring an additional 256,067 shares in the last quarter. Cidel Asset Management Inc. grew its position in Optimum Communications by 139.7% in the second quarter. Cidel Asset Management Inc. now owns 58,484 shares of the company’s stock valued at $85,000 after purchasing an additional 34,084 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Optimum Communications during the second quarter valued at approximately $86,000. Corient Private Wealth LP boosted its holdings in shares of Optimum Communications by 32.0% in the 2nd quarter. Corient Private Wealth LP now owns 278,520 shares of the company’s stock valued at $404,000 after buying an additional 67,506 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Optimum Communications in the first quarter valued at $54,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Company Profile

Optimum Communications, Inc, doing business as Optimum, is a telecommunications company that provides connectivity and communications services to residential and business customers. Its offerings include high-speed broadband internet, television and streaming services, wireless mobile plans, digital voice services and related home connectivity products.

The company also serves commercial, enterprise and wholesale customers with services such as business internet, voice, networking, managed communications and data connectivity solutions.