Short Interest in Optimum Communications, Inc. (NYSE:OPTU) Declines By 34.3%

Optimum Communications, Inc. (NYSE:OPTU) saw a significant decrease in short interest in June. As of June 30th, there was short interest totaling 25,009,311 shares, a decrease of 34.3% from the June 15th total of 38,091,231 shares. Based on an average trading volume of 17,530,677 shares, the short-interest ratio is presently 1.4 days. Approximately 9.3% of the company’s shares are short sold.

Optimum Communications Stock Down 5.7%

Shares of NYSE OPTU opened at $0.90 on Friday. The firm’s 50-day moving average price is $1.08 and its two-hundred day moving average price is $1.39. Optimum Communications has a 52-week low of $0.58 and a 52-week high of $2.98. The stock has a market capitalization of $426.68 million, a P/E ratio of -0.09 and a beta of 1.15.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on OPTU shares. Barclays decreased their price target on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a research report 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. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. Finally, Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Insider Buying and Selling at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the general counsel directly 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 the SEC website. 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 $71,800 over the last ninety days. 43.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OPTU. Swiss Life Asset Management Ltd bought a new stake in Optimum Communications in the third quarter valued at $26,000. Cibc World Markets Corp acquired a new stake in shares of Optimum Communications in the 4th quarter worth about $29,000. Voleon Capital Management LP bought a new stake in Optimum Communications in the 3rd quarter valued at about $31,000. Cidel Asset Management Inc. acquired a new position in Optimum Communications during the 1st quarter valued at about $32,000. Finally, Xponance LLC acquired a new stake in Optimum Communications in the 4th quarter valued at approximately $34,000. 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.