Optimum Communications Sees Unusually High Options Volume (NYSE:OPTU)
by Mitch Edgeman · The Markets DailyOptimum Communications, Inc. (NYSE:OPTU – Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock investors bought 2,728 put options on the company. This represents an increase of approximately 357% compared to the average volume of 597 put options.
Analyst Upgrades and Downgrades
A number of research analysts have commented on OPTU shares. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a research note on Friday, May 8th. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Finally, Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Optimum Communications has a consensus rating of “Reduce” and an average target price of $0.95.
Read Our Latest Report on OPTU
Insider Buying and Selling
In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total value of $31,800.00. Following the transaction, the general counsel owned 1,199,781 shares in the company, valued at $1,907,651.79. The trade was a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 44.60% of the stock is owned by company insiders.
Institutional Trading of Optimum Communications
Several hedge funds have recently added to or reduced their stakes in OPTU. Swiss Life Asset Management Ltd bought a new stake in Optimum Communications during the 3rd quarter valued at approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications during the 3rd quarter valued at approximately $27,000. Cibc World Markets Corp bought a new stake in Optimum Communications during the 4th quarter valued at approximately $29,000. Voleon Capital Management LP bought a new stake in Optimum Communications during the 3rd quarter valued at approximately $31,000. Finally, Cidel Asset Management Inc. bought a new stake in Optimum Communications during the 1st quarter valued at approximately $32,000. Institutional investors own 54.85% of the company’s stock.
Optimum Communications Price Performance
Shares of NYSE:OPTU remained flat at $1.18 on Tuesday. The company’s stock had a trading volume of 124,670,180 shares, compared to its average volume of 4,434,266. Optimum Communications has a 12 month low of $0.58 and a 12 month high of $2.98. The company has a fifty day moving average of $1.22 and a 200-day moving average of $1.52. The stock has a market cap of $559.85 million, a PE ratio of -0.12 and a beta of 1.37.
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.