Optimum Communications, Inc. (NYSE:OPTU) Receives $1.88 Consensus Price Target from Analysts

Optimum Communications, Inc. (NYSE:OPTU) has been assigned an average recommendation of “Reduce” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $1.8750.

Several research analysts recently weighed in on OPTU shares. Weiss Ratings restated a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Benchmark downgraded shares of Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Citigroup cut their price objective on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating for the company in a report on Wednesday, April 8th.

Optimum Communications Stock Down 2.6%

OPTU opened at $1.67 on Tuesday. Optimum Communications has a twelve month low of $1.20 and a twelve month high of $2.98. The company has a 50-day moving average price of $1.45 and a 200 day moving average price of $1.75. The company has a market cap of $783.32 million, a PE ratio of -0.42 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same period in the previous year, the business posted ($0.12) EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, sell-side analysts expect that Optimum Communications will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were 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 in the company, valued at approximately $1,573,517.49. This represents a 1.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 290,000 shares of company stock valued at $453,800. 44.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Optimum Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss Life Asset Management Ltd acquired a new stake in shares of Optimum Communications during the 3rd quarter worth approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Optimum Communications in the 3rd quarter valued at approximately $27,000. Voleon Capital Management LP purchased a new position in Optimum Communications in the 3rd quarter valued at approximately $31,000. Wealth Enhancement Advisory Services LLC boosted its position in Optimum Communications by 50.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after buying an additional 5,156 shares during the period. Finally, Morningstar Investment Management LLC purchased a new stake in shares of Optimum Communications during the 3rd quarter worth $39,000. 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.