Optimum Communications (NYSE:OPTU) Hits New 52-Week Low – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU) reached a new 52-week low on Thursday . The company traded as low as $1.52 and last traded at $1.5350, with a volume of 463464 shares. The stock had previously closed at $1.59.

Analysts Set New Price Targets

A number of research analysts have commented on OPTU shares. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Citigroup downgraded shares of Optimum Communications from a “buy” rating to a “neutral” rating in a report on Sunday. Barclays decreased their price target on Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Finally, Evercore set a $2.00 target price on Optimum Communications in a report on Friday, February 13th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $2.19.

Optimum Communications Trading Down 3.5%

The firm has a market cap of $721.19 million, a PE ratio of -0.38 and a beta of 1.51. The firm has a 50 day moving average price of $1.74 and a 200-day moving average price of $2.05.

Optimum Communications (NYSE:OPTU) last issued its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.15 billion. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.12) earnings per share. Equities analysts forecast that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Optimum Communications

Institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss Life Asset Management Ltd acquired a new position in Optimum Communications during the third quarter worth approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Optimum Communications during the 3rd quarter worth approximately $27,000. Voleon Capital Management LP acquired a new stake in Optimum Communications in the third quarter valued at $31,000. May Hill Capital LLC purchased a new position in shares of Optimum Communications in the 2nd quarter valued at about $29,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in 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 buying 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.