Optimum Communications (NYSE:OPTU) Upgraded at Zacks Research

Zacks Research upgraded shares of Optimum Communications (NYSE:OPTU) from a strong sell rating to a hold rating in a report issued on Thursday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Citigroup cut their price objective on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Evercore set a $2.00 price objective on shares of Optimum Communications in a research report on Friday, February 13th. Finally, Raymond James Financial lowered shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $1.88.

Optimum Communications Stock Performance

OPTU stock opened at $1.66 on Thursday. The stock has a market cap of $778.61 million, a P/E ratio of -0.41 and a beta of 1.51. The firm has a 50 day simple moving average of $1.45 and a 200 day simple moving average of $1.77. Optimum Communications has a 52 week low of $1.20 and a 52 week high of $2.98.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.14). Optimum Communications’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the business posted ($0.12) EPS. Sell-side analysts predict that Optimum Communications will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Michael Olsen sold 250,000 shares of Optimum Communications stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total value of $400,000.00. Following the transaction, the general counsel owned 1,496,277 shares of the company’s stock, valued at $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 290,000 shares of company stock worth $453,800 over the last 90 days. 44.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Optimum Communications

Institutional investors have recently modified their holdings of the company. Optimize Financial Inc bought a new position in shares of Optimum Communications in the third quarter valued at approximately $1,595,000. 140 Summer Partners LP bought a new position in shares of Optimum Communications in the third quarter valued at approximately $7,615,000. JPMorgan Chase & Co. raised its position in shares of Optimum Communications by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after purchasing an additional 879,589 shares during the period. Carronade Capital Management LP raised its position in shares of Optimum Communications by 42.3% in the third quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock valued at $13,903,000 after purchasing an additional 1,715,073 shares during the period. Finally, Foursixthree Capital LP raised its position in shares of Optimum Communications by 13.4% in the third quarter. Foursixthree Capital LP now owns 4,055,638 shares of the company’s stock valued at $9,774,000 after purchasing an additional 478,180 shares during the period. 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.