Optimum Communications (NYSE:OPTU) Trading Down 6.3% – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU) was down 6.3% during trading on Monday . The company traded as low as $1.55 and last traded at $1.5550. 4,166,389 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 5,681,862 shares. The stock had previously closed at $1.66.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Barclays cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. UBS Group dropped their price target on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Raymond James Financial lowered shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Six analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Optimum Communications presently has a consensus rating of “Reduce” and an average target price of $0.95.

Optimum Communications Trading Down 32.8%

The firm has a fifty day moving average of $1.18 and a two-hundred day moving average of $1.45. The company has a market cap of $463.99 million, a PE ratio of -0.10 and a beta of 1.36.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the sale, the general counsel owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. The trade was a 1.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 43.40% of the company’s stock.

Institutional Trading of Optimum Communications

A number of institutional investors have recently added to or reduced their stakes in the stock. Swiss Life Asset Management Ltd bought a new stake in shares of Optimum Communications during the third quarter valued at about $26,000. Voleon Capital Management LP purchased a new position in Optimum Communications during the third quarter valued at approximately $31,000. Morningstar Investment Management LLC purchased a new position in Optimum Communications during the third quarter valued at approximately $39,000. Cibc World Markets Corp bought a new stake in Optimum Communications during the 4th quarter worth approximately $29,000. Finally, Xponance LLC bought a new stake in Optimum Communications during the 4th quarter worth approximately $34,000. 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.