Optimum Communications (NYSE:OPTU) Shares Gap Up – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU) gapped up prior to trading on Thursday . The stock had previously closed at $1.62, but opened at $1.76. Optimum Communications shares last traded at $1.66, with a volume of 640,302 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OPTU. Zacks Research cut Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Friday, January 16th. Citigroup lowered their target price on shares of Optimum Communications from $3.25 to $2.75 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Finally, Barclays dropped their target price on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Optimum Communications presently has an average rating of “Reduce” and an average price target of $2.55.

Optimum Communications Stock Down 0.3%

The company has a fifty day simple moving average of $1.75 and a 200-day simple moving average of $2.09. The firm has a market cap of $758.78 million, a P/E ratio of -0.41 and a beta of 1.51.

Institutional Trading of Optimum Communications

A number of hedge funds and other institutional investors have recently modified their holdings of OPTU. Swiss Life Asset Management Ltd bought a new position in Optimum Communications in the 3rd quarter worth $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Optimum Communications in the third quarter valued at about $27,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications in the third quarter valued at about $31,000. May Hill Capital LLC bought a new position in shares of Optimum Communications in the second quarter worth about $29,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Optimum Communications by 50.8% during the third 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 in the last quarter. 54.85% of the stock is owned by hedge funds and other institutional investors.

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.