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

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the 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 sale, the general counsel directly owned 888,454 shares in the company, valued at approximately $781,839.52. This represents a 2.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 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 Trading Down 27.1%

NYSE:OPTU traded down $0.39 during trading hours on Wednesday, hitting $1.06. The company’s stock had a trading volume of 26,923,905 shares, compared to its average volume of 6,041,923. The stock has a market capitalization of $503.96 million, a P/E ratio of -0.11 and a beta of 1.36. The stock has a fifty day moving average of $1.18 and a 200-day moving average of $1.45. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.98.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OPTU. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and lowered their price target for the company from $1.50 to $0.50 in a report on Friday, May 15th. Evercore set a $1.25 price target on shares of Optimum Communications in a research note on Tuesday, May 12th. UBS Group cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Weiss Ratings upgraded shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. 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, Optimum Communications presently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Institutional Trading of Optimum Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. purchased a new stake in shares of Optimum Communications in the 4th quarter valued at about $46,002,000. Empyrean Capital Partners LP purchased a new position in Optimum Communications during the 4th quarter worth approximately $41,297,000. Deutsche Bank AG purchased a new position in Optimum Communications during the 4th quarter worth approximately $27,135,000. Millennium Management LLC purchased a new position in Optimum Communications during the 4th quarter worth approximately $24,478,000. Finally, Redwood Capital Management LLC acquired a new position in Optimum Communications during the fourth quarter worth approximately $13,512,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

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.