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 research note issued to investors on Tuesday morning,Zacks.com reports.

Other equities analysts also recently issued reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Citigroup cut shares of Optimum Communications from a “buy” rating to a “neutral” rating in a report on Sunday, February 15th. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Barclays dropped their price objective on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Evercore set a $2.00 price target on shares of Optimum Communications in a report on Friday, February 13th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Optimum Communications currently has an average rating of “Reduce” and an average target price of $2.19.

Optimum Communications Price Performance

Shares of NYSE OPTU opened at $1.56 on Tuesday. Optimum Communications has a 1 year low of $1.52 and a 1 year high of $3.04. The company has a market cap of $730.59 million, a P/E ratio of -0.39 and a beta of 1.51. The firm has a 50-day simple moving average of $1.73 and a two-hundred day simple moving average of $2.05.

Optimum Communications (NYSE:OPTU) last issued its earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The firm had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.12) earnings per share. As a group, equities research analysts expect that Optimum Communications will post -0.24 EPS for the current year.

Insider Buying and Selling at Optimum Communications

In related news, General Counsel Michael Olsen sold 250,000 shares of Optimum Communications stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the sale, the general counsel directly owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. The trade was a 14.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 44.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Optimum Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. acquired a new position in Optimum Communications in the 4th quarter valued at $46,002,000. Empyrean Capital Partners LP acquired a new stake in shares of Optimum Communications in the fourth quarter valued at approximately $41,297,000. Deutsche Bank AG purchased a new stake in shares of Optimum Communications in the 4th quarter valued at approximately $27,135,000. Millennium Management LLC purchased a new stake in Optimum Communications in the fourth quarter valued at $24,478,000. Finally, Redwood Capital Management LLC acquired a new position in shares of Optimum Communications in the 4th quarter valued at $13,512,000. Hedge funds and other institutional investors 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.