Optimum Communications (NYSE:OPTU) Sees Strong Trading Volume – Should You Buy?

Optimum Communications, Inc. (NYSE:OPTU) saw unusually-strong trading volume on Wednesday . Approximately 4,055,381 shares traded hands during mid-day trading, a decline of 0% from the previous session’s volume of 4,073,382 shares.The stock last traded at $1.0850 and had previously closed at $1.06.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on OPTU shares. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 28th. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Evercore set a $1.25 target price on Optimum Communications in a report on Tuesday, May 12th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday. Finally, Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Six equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $0.95.

Optimum Communications Trading Up 3.3%

The firm has a market capitalization of $521.73 million, a price-to-earnings ratio of -0.11 and a beta of 1.36. The company has a fifty day moving average price of $1.22 and a two-hundred day moving average price of $1.52.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the sale, the general counsel owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This represents a 1.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 60,000 shares of company stock valued at $80,000. Corporate insiders own 44.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OPTU. Royal Bank of Canada grew its position in Optimum Communications by 365.8% in the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock worth $5,775,000 after acquiring an additional 1,704,908 shares during the period. AQR Capital Management LLC grew its position in Optimum Communications by 4.7% in the first quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock worth $2,146,000 after acquiring an additional 36,260 shares during the period. Millennium Management LLC grew its position in Optimum Communications by 10.5% in the first quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock worth $14,673,000 after acquiring an additional 524,169 shares during the period. Goldman Sachs Group Inc. grew its position in Optimum Communications by 46.6% in the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after acquiring an additional 2,031,971 shares during the period. Finally, Caxton Associates LLP purchased a new position in Optimum Communications in the first quarter worth approximately $88,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

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.