Optimum Communications, Inc. (NYSE:OPTU) Receives $2.19 Consensus Target Price from Analysts

Shares of Optimum Communications, Inc. (NYSE:OPTU) have earned a consensus rating of “Reduce” from the seven analysts that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $2.1875.

Several brokerages recently weighed in on OPTU. Citigroup lowered Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Evercore set a $2.00 price target on Optimum Communications in a report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Finally, Zacks Research lowered shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 18th.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of Optimum Communications stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the sale, the general counsel directly owned 1,496,277 shares in the company, valued at $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 44.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Optimum Communications

Several large investors have recently made changes to their positions in OPTU. Vanguard Group Inc. purchased a new position in shares of Optimum Communications during the 4th quarter worth approximately $46,002,000. Empyrean Capital Partners LP acquired a new stake in Optimum Communications in the 4th quarter valued at approximately $41,297,000. Deutsche Bank AG purchased a new stake in Optimum Communications in the fourth quarter valued at approximately $27,135,000. Millennium Management LLC acquired a new position in Optimum Communications during the fourth quarter worth $24,478,000. Finally, Redwood Capital Management LLC acquired a new position in Optimum Communications during the fourth quarter worth $13,512,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Price Performance

NYSE:OPTU opened at $1.41 on Friday. The company’s 50-day moving average is $1.54 and its two-hundred day moving average is $1.88. Optimum Communications has a 1-year low of $1.20 and a 1-year high of $2.98. The firm has a market capitalization of $661.00 million, a price-to-earnings ratio of -0.35 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business posted ($0.12) EPS. As a group, equities analysts anticipate that Optimum Communications will post -0.24 earnings per share for the current fiscal year.

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.