Optimum Communications Target of Unusually High Options Trading (NYSE:OPTU)

Optimum Communications, Inc. (NYSE:OPTU) was the target of unusually large options trading on Wednesday. Investors purchased 6,196 call options on the stock. This represents an increase of approximately 271% compared to the average daily volume of 1,672 call options.

Optimum Communications Stock Up 8.5%

OPTU stock traded up $0.12 during midday trading on Wednesday, hitting $1.47. The company’s stock had a trading volume of 8,521,840 shares, compared to its average volume of 5,233,411. The stock has a market cap of $698.03 million, a price-to-earnings ratio of -0.15 and a beta of 1.37. The stock’s 50-day moving average price is $1.18 and its 200 day moving average price is $1.45. Optimum Communications has a 1 year low of $0.58 and a 1 year high of $2.98.

Analysts Set New Price Targets

Several analysts have recently issued reports on OPTU shares. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. 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. Raymond James Financial cut shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Finally, Barclays reduced their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Six equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Insider Transactions at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Friday, May 1st. The stock was 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 directly owned 1,199,781 shares of the company’s stock, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 60,000 shares of company stock worth $80,000 in the last ninety days. Corporate insiders own 43.40% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in OPTU. Man Group plc increased its holdings in 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Optimum Communications by 1.2% in 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 valued at $1,713,000 after acquiring an additional 7,470 shares during the last quarter. Lazard Asset Management LLC grew its position in shares of Optimum Communications by 41.6% during the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after acquiring an additional 8,420 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Optimum Communications by 28.0% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after acquiring an additional 9,598 shares during the period. Finally, Swiss Life Asset Management Ltd purchased a new stake in shares of Optimum Communications during the 3rd quarter worth approximately $26,000. 54.85% of the stock is 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.