Optimum Communications Sees Unusually High Options Volume (NYSE:OPTU)

Optimum Communications, Inc. (NYSE:OPTU) was the target of some unusual options trading on Friday. Stock traders purchased 9,083 put options on the company. This represents an increase of approximately 349% compared to the typical volume of 2,022 put options.

Wall Street Analysts Forecast Growth

OPTU has been the subject of several recent research reports. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, June 12th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a research note on Friday, May 8th. Finally, UBS Group cut their price target on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Six research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Optimum Communications currently has a consensus rating of “Reduce” and a consensus target price of $0.95.

Optimum Communications Trading Up 4.7%

Shares of NYSE:OPTU traded up $0.07 during mid-day trading on Friday, reaching $1.68. The company had a trading volume of 6,781,004 shares, compared to its average volume of 5,593,323. Optimum Communications has a one year low of $0.58 and a one year high of $2.98. The company’s 50-day moving average price is $1.18 and its 200-day moving average price is $1.45. The firm has a market cap of $798.09 million, a price-to-earnings ratio of -0.17 and a beta of 1.36.

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 that occurred on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction 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. The trade was a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 60,000 shares of company stock worth $80,000. 43.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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