Optimum Communications (NYSE:OPTU) Shares Gap Down – Should You Sell?

Optimum Communications, Inc. (NYSE:OPTU) gapped down before the market opened on Thursday . The stock had previously closed at $1.61, but opened at $1.55. Optimum Communications shares last traded at $1.70, with a volume of 5,228,098 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on OPTU shares. Barclays cut their price target on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. The Goldman Sachs Group set a $1.00 price objective on shares of Optimum Communications in a research report on Friday, May 8th. Finally, Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

The firm’s 50-day simple moving average is $1.18 and its 200 day simple moving average is $1.45. The stock has a market capitalization of $736.15 million, a P/E ratio of -0.16 and a beta of 1.36.

Insider Activity

In related news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the sale, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 60,000 shares of company stock valued at $80,000 over the last 90 days. 43.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OPTU. Segall Bryant & Hamill LLC bought a new stake in shares of Optimum Communications during the 1st quarter worth approximately $54,000. Bank of America Corp DE boosted its holdings in shares of Optimum Communications by 4.2% in the 1st quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock valued at $1,407,000 after buying an additional 43,279 shares during the last quarter. Readystate Asset Management LP grew its stake in shares of Optimum Communications by 23.7% in the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock valued at $1,600,000 after buying an additional 235,559 shares in the last quarter. Carronade Capital Management LP grew its stake in shares of Optimum Communications by 9.3% in the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after buying an additional 558,000 shares in the last quarter. Finally, Helix Partners Management LP increased its holdings in Optimum Communications by 36.0% during the first quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock worth $2,210,000 after buying an additional 450,000 shares during the last quarter. 54.85% of the stock is currently owned by 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.