Optimum Communications (NYSE:OPTU) Trading Up 5.9% – What’s Next?

Optimum Communications, Inc. (NYSE:OPTU) shares were up 5.9% during mid-day trading on Friday . The stock traded as high as $1.18 and last traded at $1.1650. Approximately 5,757,386 shares traded hands during mid-day trading, an increase of 28% from the average daily volume of 4,509,574 shares. The stock had previously closed at $1.10.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OPTU shares. Barclays reduced their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday. Weiss Ratings upgraded shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, May 28th. Finally, Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Price Performance

The company has a market capitalization of $536.03 million, a PE ratio of -0.11 and a beta of 1.36. The stock’s 50 day simple moving average is $1.21 and its 200-day simple moving average is $1.51.

Insider Transactions at Optimum Communications

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 shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the sale, the general counsel directly owned 1,199,781 shares in the company, valued at $1,907,651.79. This represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 60,000 shares of company stock worth $80,000 in the last 90 days. 44.60% of the stock is owned by corporate insiders.

Institutional Trading of Optimum Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its stake 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 purchasing an additional 5,156 shares during the period. Man Group plc increased its stake in shares of Optimum Communications by 6.4% during the second quarter. Man Group plc now owns 101,736 shares of the company’s stock worth $218,000 after buying an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Optimum Communications by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after buying an additional 7,470 shares during the period. Lazard Asset Management LLC increased its stake in shares of Optimum Communications by 41.6% during the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after buying an additional 8,420 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Optimum Communications by 28.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after buying an additional 9,598 shares during the period. 54.85% of the stock is currently 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.