Optimum Communications (NYSE:OPTU) General Counsel Sells $25,800.00 in Stock
by Danessa Lincoln · The Markets DailyOptimum Communications, Inc. (NYSE:OPTU – Get Free Report) General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $1.29, for a total transaction of $25,800.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this link. 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 stock was sold at an average price of $1.40, for a total transaction 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 transaction of $400,000.00.
Optimum Communications Stock Down 0.4%
OPTU stock traded down $0.01 during midday trading on Friday, reaching $1.37. The company had a trading volume of 1,085,492 shares, compared to its average volume of 2,736,360. The firm has a market capitalization of $642.18 million, a PE ratio of -0.34 and a beta of 1.51. The stock has a 50 day moving average price of $1.49 and a 200 day moving average price of $1.85. 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 – Get Free Report) last announced its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The firm’s revenue was down 2.3% compared to the same quarter last year. During the same period last year, the business posted ($0.12) earnings per share. Research analysts predict that Optimum Communications, Inc. will post -0.24 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the business. Optimize Financial Inc acquired a new stake in Optimum Communications in the third quarter worth about $1,595,000. 140 Summer Partners LP acquired a new position in Optimum Communications during the 3rd quarter valued at about $7,615,000. JPMorgan Chase & Co. increased its stake in Optimum Communications by 11.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after buying an additional 879,589 shares during the period. Carronade Capital Management LP raised its position in shares of Optimum Communications by 42.3% during the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after buying an additional 1,715,073 shares in the last quarter. Finally, Hudson Bay Capital Management LP raised its position in shares of Optimum Communications by 7.5% during the 2nd quarter. Hudson Bay Capital Management LP now owns 7,449,991 shares of the company’s stock worth $15,943,000 after buying an additional 521,287 shares in the last quarter. Institutional investors and hedge funds own 54.85% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the company. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Weiss Ratings restated 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. 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. Finally, Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 18th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and an average price target of $2.19.
Get Our Latest Stock Report on Optimum Communications
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.