Optimum Communications (NYSE:OPTU) General Counsel Sells $25,800.00 in Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of Optimum Communications 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 sale, the general counsel directly owned 1,219,781 shares of the company’s stock, valued at $1,573,517.49. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Monday, March 2nd, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.40, for a total value of $28,000.00.
• On Tuesday, February 17th, Michael Olsen sold 250,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.60, for a total value of $400,000.00.

Optimum Communications Stock Down 0.4%

OPTU stock opened at $1.37 on Monday. The business has a 50 day moving average price of $1.49 and a 200 day moving average price of $1.84. The stock has a market cap of $642.18 million, a price-to-earnings ratio of -0.34 and a beta of 1.51. Optimum Communications, Inc. has a fifty-two week low of $1.20 and a fifty-two week high of $2.98.

Optimum Communications (NYSE:OPTU) last announced 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). During the same quarter in the prior year, the firm posted ($0.12) EPS. Optimum Communications’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Wall Street Analysts Forecast Growth

OPTU has been the topic of a number of recent analyst reports. Citigroup downgraded shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Evercore set a $2.00 price objective on shares of Optimum Communications in a research note on Friday, February 13th. Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Weiss Ratings reiterated 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 investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.19.

Institutional Trading of Optimum Communications

Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its position in Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after purchasing an additional 5,156 shares during the last quarter. Man Group plc raised its holdings in shares of Optimum Communications by 6.4% in the second quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after buying an additional 6,137 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Optimum Communications by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after buying an additional 7,470 shares during the period. Lazard Asset Management LLC grew its holdings in shares of Optimum Communications by 41.6% during the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after buying an additional 8,420 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Optimum Communications by 28.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after buying an additional 9,598 shares during the last quarter. 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.