Citigroup Has Lowered Expectations for Optimum Communications (NYSE:OPTU) Stock Price

Optimum Communications (NYSE:OPTU) had its target price decreased by equities research analysts at Citigroup from $1.90 to $1.50 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 12.36% from the stock’s current price.

OPTU has been the subject of a number of other research reports. Zacks Research cut Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 18th. Evercore set a $2.00 price objective on Optimum Communications in a research report on Friday, February 13th. Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Finally, Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Optimum Communications presently has an average rating of “Reduce” and a consensus price target of $1.88.

Optimum Communications Trading Down 0.4%

Shares of OPTU stock opened at $1.34 on Wednesday. Optimum Communications has a 1-year low of $1.20 and a 1-year high of $2.98. The company has a market capitalization of $628.06 million, a price-to-earnings ratio of -0.33 and a beta of 1.51. The stock’s fifty day simple moving average is $1.47 and its 200-day simple moving average is $1.82.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data 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 revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) earnings per share. On average, sell-side analysts predict that Optimum Communications will post -0.24 EPS for the current year.

Insider Buying and Selling at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $1.29, for a total value of $25,800.00. Following the completion of the sale, the general counsel owned 1,219,781 shares of the company’s stock, valued at $1,573,517.49. The trade was a 1.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 290,000 shares of company stock valued at $453,800 over the last ninety days. 44.60% of the stock is owned by insiders.

Institutional Trading of Optimum Communications

A number of institutional investors and hedge funds have recently made changes to their positions in OPTU. Swiss Life Asset Management Ltd acquired a new stake in shares of Optimum Communications in the third quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Optimum Communications in the third quarter worth about $27,000. Cibc World Markets Corp acquired a new stake in shares of Optimum Communications in the fourth quarter worth about $29,000. Voleon Capital Management LP acquired a new stake in shares of Optimum Communications in the third quarter worth about $31,000. Finally, Xponance LLC acquired a new stake in shares of Optimum Communications in the fourth quarter worth about $34,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

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.