Brokerages Set Optimum Communications, Inc. (NYSE:OPTU) Target Price at $2.19

Optimum Communications, Inc. (NYSE:OPTU) has been given a consensus rating of “Reduce” by the six analysts that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $2.1875.

Several equities analysts have recently commented on OPTU shares. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Evercore set a $2.00 target price on Optimum Communications in a research note on Friday, February 13th. Citigroup lowered Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Finally, Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th.

Insider Buying and Selling

In other news, General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares of the company’s stock, valued at approximately $2,394,043.20. This represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 44.60% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

Institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC lifted its stake 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 purchasing an additional 5,156 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Optimum Communications by 17.9% during the second quarter. Teacher Retirement System of Texas now owns 35,815 shares of the company’s stock worth $77,000 after buying an additional 5,450 shares in the last quarter. Man Group plc lifted its stake in shares of Optimum Communications by 6.4% in the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after acquiring an additional 6,137 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Optimum Communications by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after acquiring an additional 7,470 shares in the last quarter. Finally, Lazard Asset Management LLC grew its position in Optimum Communications by 41.6% during the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after acquiring an additional 8,420 shares during the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Stock Performance

OPTU opened at $1.52 on Monday. The firm has a market cap of $715.10 million, a P/E ratio of -0.38 and a beta of 1.51. Optimum Communications has a 52-week low of $1.38 and a 52-week high of $2.98. The business’s fifty day moving average is $1.68 and its 200-day moving average is $2.00.

Optimum Communications (NYSE:OPTU) last posted its quarterly 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 company had revenue of $2.18 billion during the quarter, compared to analyst estimates of $2.15 billion. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.12) earnings per share. On average, research analysts predict 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.