Optimum Communications (NYSE:OPTU) Shares Gap Down – Time to Sell?

Optimum Communications, Inc. (NYSE:OPTU) gapped down prior to trading on Monday . The stock had previously closed at $1.13, but opened at $1.08. Optimum Communications shares last traded at $1.1050, with a volume of 810,755 shares.

Analyst Ratings Changes

OPTU has been the subject of several recent analyst reports. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a report on Friday. Citigroup reduced their price target on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating for the company in a research note on Wednesday, April 8th. Finally, Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Five equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $1.38.

Optimum Communications Stock Down 3.1%

The stock’s 50 day moving average is $1.44 and its 200-day moving average is $1.68. The company has a market cap of $515.15 million, a PE ratio of -0.11 and a beta of 1.56.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The business’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the company earned ($0.12) EPS. On average, analysts anticipate that Optimum Communications, Inc. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $1.59, for a total value of $31,800.00. Following the completion of the sale, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. The trade was a 1.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 310,000 shares of company stock valued at $485,600. 44.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Optimum Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Swiss Life Asset Management Ltd acquired a new stake in Optimum Communications during the third quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Optimum Communications during the third quarter valued at about $27,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications during the third quarter worth $31,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Optimum Communications by 50.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after purchasing an additional 5,156 shares during the period. Finally, Morningstar Investment Management LLC purchased a new position in Optimum Communications in the third quarter worth approximately $39,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

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.