Optimum Communications (NYSE:OPTU) Shares Gap Up – Time to Buy?

Shares of Optimum Communications, Inc. (NYSE:OPTU) gapped up prior to trading on Monday . The stock had previously closed at $1.40, but opened at $1.46. Optimum Communications shares last traded at $1.3750, with a volume of 105,575 shares changing hands.

Wall Street Analyst Weigh In

OPTU has been the subject of several analyst reports. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Citigroup cut Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Zacks Research lowered Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Finally, Evercore set a $2.00 target price on shares of Optimum Communications in a report on Friday, February 13th. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Optimum Communications presently has a consensus rating of “Reduce” and an average target price of $2.19.

Optimum Communications Price Performance

The business has a 50 day simple moving average of $1.54 and a 200 day simple moving average of $1.88. The company has a market cap of $653.94 million, a price-to-earnings ratio of -0.35 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last announced its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). During the same period in the prior year, the company earned ($0.12) EPS. Optimum Communications’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.40, for a total value of $28,000.00. Following the transaction, the general counsel owned 1,239,781 shares of the company’s stock, valued at approximately $1,735,693.40. This represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 44.60% of the company’s stock.

Institutional Trading of Optimum Communications

A number of institutional investors and hedge funds have recently modified their holdings of OPTU. Swiss Life Asset Management Ltd acquired a new stake in shares of Optimum Communications in the 3rd quarter valued at approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications in the third quarter valued at approximately $27,000. Cibc World Markets Corp bought a new stake in Optimum Communications in the fourth quarter valued at approximately $29,000. Voleon Capital Management LP acquired a new stake in Optimum Communications in the third quarter worth $31,000. Finally, Xponance LLC acquired a new stake in Optimum Communications in the fourth quarter worth $34,000. 54.85% of the stock is owned by institutional investors.

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.