Optimum Communications (NYSE:OPTU) Trading Down 5.7% – Should You Sell?
by Teresa Graham · The Cerbat GemOptimum Communications, Inc. (NYSE:OPTU – Get Free Report)’s stock price dropped 5.7% during mid-day trading on Friday . The stock traded as low as $1.55 and last traded at $1.5750. Approximately 187,627 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 2,266,988 shares. The stock had previously closed at $1.67.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on OPTU shares. Evercore set a $2.00 price objective on shares of Optimum Communications in a research note on Friday, February 13th. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Finally, Raymond James Financial lowered shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $1.88.
Check Out Our Latest Analysis on Optimum Communications
Optimum Communications Stock Down 9.0%
The business’s 50 day moving average is $1.45 and its 200 day moving average is $1.74. The company has a market cap of $715.10 million, a P/E ratio of -0.38 and a beta of 1.51.
Optimum Communications (NYSE:OPTU – Get Free Report) last announced 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). During the same period last year, the company posted ($0.12) EPS. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that Optimum Communications, Inc. will post -0.4 EPS for the current year.
Insider Buying and Selling at Optimum Communications
In other news, General Counsel Michael Olsen sold 20,000 shares of the firm’s 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 sale, the general counsel directly owned 1,219,781 shares in the company, valued at approximately $1,573,517.49. This trade represents a 1.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 290,000 shares of company stock valued at $453,800. 44.60% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Optimum Communications
Several institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its stake in Optimum Communications by 50.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after acquiring an additional 5,156 shares in the last quarter. Man Group plc boosted its stake in 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 acquiring an additional 6,137 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Optimum Communications by 1.2% in 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 valued at $1,713,000 after acquiring an additional 7,470 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Optimum Communications by 41.6% in the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after acquiring an additional 8,420 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Optimum Communications by 28.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after acquiring an additional 9,598 shares in the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.
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.