Michael Olsen Sells 250,000 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. The trade was a 14.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Optimum Communications Stock Down 0.3%

NYSE OPTU opened at $1.56 on Friday. The company has a market cap of $730.59 million, a price-to-earnings ratio of -0.39 and a beta of 1.51. Optimum Communications, Inc. has a 52 week low of $1.51 and a 52 week high of $3.04. The business has a 50 day moving average price of $1.73 and a 200-day moving average price of $2.04.

Optimum Communications (NYSE:OPTU) last issued its earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter in the prior year, the company posted ($0.12) EPS. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

OPTU has been the subject of several recent research reports. Evercore set a $2.00 target price on shares of Optimum Communications in a research report on Friday, February 13th. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday. Citigroup downgraded Optimum Communications from a “buy” rating to a “neutral” rating in a research note on Sunday, February 15th. Barclays dropped their target price on Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Optimum Communications has a consensus rating of “Reduce” and a consensus price target of $2.19.

Hedge Funds Weigh In On Optimum Communications

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada increased its position in shares of Optimum Communications by 365.8% during the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock valued at $5,775,000 after acquiring an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC grew its stake in Optimum Communications by 4.7% in the 1st quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock valued at $2,146,000 after purchasing an additional 36,260 shares during the period. Millennium Management LLC increased its position in shares of Optimum Communications by 10.5% during the 1st quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after purchasing an additional 524,169 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Optimum Communications by 46.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock valued at $17,016,000 after purchasing an additional 2,031,971 shares during the last quarter. Finally, Caxton Associates LLP bought a new stake in shares of Optimum Communications during the 1st quarter worth $88,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

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.