Michael Olsen Sells 20,000 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.12, for a total value of $22,400.00. Following the completion of the transaction, the general counsel directly owned 933,381 shares of the company’s stock, valued at $1,045,386.72. The trade was a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.59, for a total value of $31,800.00.
• On Wednesday, April 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.29, for a total value of $25,800.00.

Optimum Communications Stock Performance

Optimum Communications stock opened at $1.06 on Thursday. The stock has a fifty day moving average of $1.21 and a two-hundred day moving average of $1.51. The company has a market capitalization of $502.68 million, a price-to-earnings ratio of -0.11 and a beta of 1.36. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.98.

Institutional Investors Weigh In On Optimum Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Segall Bryant & Hamill LLC purchased a new stake in shares of Optimum Communications in the first quarter valued at $54,000. Bank of America Corp DE boosted its holdings in Optimum Communications by 4.2% in the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock valued at $1,407,000 after acquiring an additional 43,279 shares during the last quarter. Readystate Asset Management LP boosted its holdings in Optimum Communications by 23.7% in the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock valued at $1,600,000 after acquiring an additional 235,559 shares during the last quarter. Carronade Capital Management LP boosted its holdings in Optimum Communications by 9.3% in the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after acquiring an additional 558,000 shares during the last quarter. Finally, Helix Partners Management LP boosted its holdings in Optimum Communications by 36.0% in the first quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock valued at $2,210,000 after acquiring an additional 450,000 shares during the last quarter. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Evercore set a $1.25 price target on Optimum Communications in a research report on Tuesday, May 12th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Finally, Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Six investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Optimum Communications has an average rating of “Reduce” and an average price target of $0.95.

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.