661,678 Shares in Optimum Communications, Inc. $OPTU Purchased by Optimize Financial Inc

Optimize Financial Inc bought a new stake in shares of Optimum Communications, Inc. (NYSE:OPTU) during the third quarter, HoldingsChannel.com reports. The fund bought 661,678 shares of the company’s stock, valued at approximately $1,595,000. Optimum Communications makes up about 0.8% of Optimize Financial Inc’s holdings, making the stock its 11th largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Optimum Communications during the 3rd quarter valued at $27,000. May Hill Capital LLC bought a new stake in shares of Optimum Communications during the second quarter worth $29,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Optimum Communications by 50.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock valued at $39,000 after purchasing an additional 5,156 shares during the period. CWM LLC grew its holdings in shares of Optimum Communications by 251.5% in the second quarter. CWM LLC now owns 22,280 shares of the company’s stock worth $48,000 after purchasing an additional 15,941 shares during the last quarter. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Optimum Communications in the second quarter worth about $57,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Optimum Communications Price Performance

Shares of NYSE OPTU opened at $1.65 on Wednesday. Optimum Communications, Inc. has a 1-year low of $1.52 and a 1-year high of $3.20. The business has a fifty day moving average price of $1.77 and a 200 day moving average price of $2.13. The stock has a market capitalization of $772.87 million, a P/E ratio of -0.42 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last announced its earnings results on Thursday, November 6th. The company reported ($3.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($3.43). The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the company earned ($0.09) EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OPTU shares. Citigroup reduced their target price on shares of Optimum Communications from $3.25 to $2.75 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Evercore ISI set a $2.50 target price on Optimum Communications in a report on Friday, November 7th. Barclays cut their price target on Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Finally, Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $2.55.

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.