Optimum Communications, Inc. (NYSE:OPTU) Receives $1.88 Average Target Price from Brokerages

Optimum Communications, Inc. (NYSE:OPTU) has been assigned a consensus recommendation of “Reduce” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $1.8750.

OPTU has been the subject of several analyst reports. Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Evercore set a $2.00 price objective on Optimum Communications in a research note on Friday, February 13th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the sale, the general counsel owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. This represents a 14.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 290,000 shares of company stock valued at $453,800. Corporate insiders own 44.60% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

A number of hedge funds have recently made changes to their positions in OPTU. Optimize Financial Inc bought a new position in Optimum Communications in the 3rd quarter worth approximately $1,595,000. 140 Summer Partners LP bought a new stake in shares of Optimum Communications during the third quarter valued at approximately $7,615,000. JPMorgan Chase & Co. lifted its holdings in shares of Optimum Communications by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after buying an additional 879,589 shares in the last quarter. Carronade Capital Management LP boosted its position in shares of Optimum Communications by 42.3% during the third quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after acquiring an additional 1,715,073 shares during the last quarter. Finally, Foursixthree Capital LP grew its stake in Optimum Communications by 13.4% during the third quarter. Foursixthree Capital LP now owns 4,055,638 shares of the company’s stock valued at $9,774,000 after acquiring an additional 478,180 shares in the last quarter. Institutional investors own 54.85% of the company’s stock.

Optimum Communications Trading Up 2.0%

Shares of NYSE OPTU opened at $1.54 on Tuesday. Optimum Communications has a 12-month low of $1.20 and a 12-month high of $2.98. The firm has a market capitalization of $724.51 million, a price-to-earnings ratio of -0.39 and a beta of 1.51. The firm has a 50 day moving average of $1.45 and a 200 day moving average of $1.73.

Optimum Communications (NYSE:OPTU) last released its quarterly 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 firm’s revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company posted ($0.12) EPS. Sell-side analysts predict that Optimum Communications will post -0.4 EPS for the current year.

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.