Optimum Communications (NYSE:OPTU) Trading Up 5.9% – What’s Next?

Optimum Communications, Inc. (NYSE:OPTU)’s share price was up 5.9% during mid-day trading on Friday . The stock traded as high as $1.18 and last traded at $1.1650. Approximately 5,757,386 shares traded hands during trading, an increase of 28% from the average daily volume of 4,509,574 shares. The stock had previously closed at $1.10.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Citigroup cut shares of 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. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday. Wall Street Zen cut 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 target on shares of Optimum Communications in a report on Friday, May 8th. Finally, Evercore set a $1.25 price target on shares of Optimum Communications in a report on Tuesday, May 12th. Six 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 business’s 50 day moving average is $1.21 and its 200 day moving average is $1.51. The company has a market capitalization of $536.03 million, a price-to-earnings ratio of -0.11 and a beta of 1.36.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. The trade was a 1.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 60,000 shares of company stock worth $80,000. 44.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Optimum Communications

Several institutional investors have recently made changes to their positions in OPTU. Wealth Enhancement Advisory Services LLC boosted its position in shares of Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after acquiring an additional 5,156 shares during the last quarter. Man Group plc raised its holdings in Optimum Communications by 6.4% in the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after buying an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Optimum Communications by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after buying an additional 7,470 shares during the period. Lazard Asset Management LLC raised its holdings in Optimum Communications by 41.6% in the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Optimum Communications by 28.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after buying an additional 9,598 shares during the period. 54.85% of the stock is 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.