Optimum Communications (NYSE:OPTU) Shares Down 6.3% – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU) fell 6.3% on Monday . The company traded as low as $1.55 and last traded at $1.5550. Approximately 4,166,389 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 5,681,862 shares. The stock had previously closed at $1.66.

Analysts Set New Price Targets

Several analysts have weighed in on OPTU shares. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. UBS Group decreased their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Weiss Ratings lowered shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, June 12th. Finally, Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the stock from $1.50 to $0.50 in a research note on Friday, May 15th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Price Performance

The company has a 50 day simple moving average of $1.19 and a 200-day simple moving average of $1.45. The stock has a market cap of $763.45 million, a P/E ratio of -0.16 and a beta of 1.37.

Insider Buying and Selling at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at approximately $1,907,651.79. This trade represents a 1.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 60,000 shares of company stock worth $80,000. Company insiders own 43.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Swiss Life Asset Management Ltd bought a new stake in shares of Optimum Communications in the 3rd quarter worth approximately $26,000. Voleon Capital Management LP bought a new position in shares of Optimum Communications during the 3rd quarter valued at $31,000. Morningstar Investment Management LLC bought a new position in shares of Optimum Communications during the 3rd quarter valued at $39,000. Cibc World Markets Corp purchased a new position in Optimum Communications in the 4th quarter worth $29,000. Finally, Xponance LLC purchased a new position in Optimum Communications in the 4th quarter worth $34,000. 54.85% of the stock is currently owned by 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.