Optimum Communications (NYSE:OPTU) Stock Price Down 6.3% – Time to Sell?

Optimum Communications, Inc. (NYSE:OPTU)’s share price traded down 6.3% on Monday . The company traded as low as $1.55 and last traded at $1.5550. Approximately 4,166,389 shares traded hands during trading, a decline of 27% from the average daily volume of 5,681,862 shares. The stock had previously closed at $1.66.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. UBS Group decreased their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a research note on Friday, May 8th. Finally, Evercore set a $1.25 price target on Optimum Communications in a research report on Tuesday, May 12th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

The company has a market capitalization of $763.45 million, a P/E ratio of -0.16 and a beta of 1.37. The business has a 50 day moving average of $1.19 and a 200-day moving average of $1.45.

Insiders Place Their Bets

In other 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 directly owned 1,199,781 shares in the company, valued at $1,907,651.79. This represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 60,000 shares of company stock worth $80,000. 43.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Optimum Communications

Several hedge funds have recently bought and sold shares of OPTU. Segall Bryant & Hamill LLC purchased a new stake in Optimum Communications in the 1st quarter worth approximately $54,000. Bank of America Corp DE grew its position in shares of Optimum Communications by 4.2% during 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 purchasing an additional 43,279 shares in the last quarter. Readystate Asset Management LP increased its holdings 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 worth $1,600,000 after purchasing an additional 235,559 shares during the period. Carronade Capital Management LP increased its holdings 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 worth $8,546,000 after purchasing an additional 558,000 shares during the period. Finally, Helix Partners Management LP raised its position in shares of Optimum Communications by 36.0% in 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 in the last quarter. Hedge funds and other institutional investors 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.