Optimum Communications (NYSE:OPTU) Reaches New 12-Month Low – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU)’s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $1.22 and last traded at $1.22, with a volume of 289221 shares changing hands. The stock had previously closed at $1.22.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OPTU shares. Evercore set a $2.00 price objective on Optimum Communications in a research note on Friday, February 13th. Citigroup downgraded Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Finally, Zacks Research lowered shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 18th. Four analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $2.19.

Optimum Communications Price Performance

The stock has a market capitalization of $590.43 million, a price-to-earnings ratio of -0.31 and a beta of 1.51. The business has a fifty day moving average of $1.57 and a 200 day moving average of $1.90.

Optimum Communications (NYSE:OPTU) last posted its earnings results 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). During the same period in the prior year, the business earned ($0.12) earnings per share. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. On average, equities research analysts expect that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Insider Activity

In related news, General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.40, for a total transaction of $28,000.00. Following the completion of the sale, the general counsel directly owned 1,239,781 shares of the company’s stock, valued at approximately $1,735,693.40. This trade represents a 1.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 44.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of OPTU. Swiss Life Asset Management Ltd purchased a new position in Optimum Communications during the third quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $27,000. Voleon Capital Management LP purchased a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $31,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Optimum Communications by 50.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after acquiring an additional 5,156 shares during the last quarter. Finally, Morningstar Investment Management LLC acquired a new position in shares of Optimum Communications in the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds 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.