Optimum Communications (NYSE:OPTU) Sets New 12-Month Low – Time to Sell?

Optimum Communications, Inc. (NYSE:OPTU) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $1.35 and last traded at $1.3550, with a volume of 294865 shares changing hands. The stock had previously closed at $1.41.

Wall Street Analyst Weigh In

Several research analysts have recently commented on OPTU shares. Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Citigroup cut shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Finally, Benchmark cut shares of Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Five analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $2.19.

Optimum Communications Stock Down 1.8%

The company’s fifty day moving average is $1.62 and its two-hundred day moving average is $1.94. The stock has a market cap of $642.18 million, a price-to-earnings ratio of -0.34 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last issued its quarterly 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). During the same period in the prior year, the firm posted ($0.12) EPS. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts predict that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $1.40, for a total transaction of $28,000.00. Following the completion of the sale, the general counsel directly owned 1,239,781 shares of the company’s stock, valued at approximately $1,735,693.40. The trade was a 1.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 44.60% of the company’s stock.

Institutional Trading of Optimum Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of OPTU. Swiss Life Asset Management Ltd purchased a new stake in Optimum Communications during the 3rd quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Optimum Communications in the 3rd quarter valued at about $27,000. Voleon Capital Management LP acquired a new stake in shares of Optimum Communications during the 3rd quarter worth about $31,000. Wealth Enhancement Advisory Services LLC lifted its stake in Optimum Communications by 50.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after purchasing an additional 5,156 shares during the last quarter. Finally, Morningstar Investment Management LLC purchased a new stake in Optimum Communications during the third quarter worth approximately $39,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

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.