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, August 3rd. The shares were sold at an average price of $0.74, for a total value of $14,800.00. Following the sale, the general counsel owned 868,454 shares of the company’s stock, valued at approximately $642,655.96. This trade represents a 2.25% decrease in their position. The sale 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 Wednesday, July 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $0.88, for a total value of $17,600.00.
• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total value of $22,400.00.

Optimum Communications Trading Up 2.7%

Optimum Communications stock opened at $0.81 on Friday. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79. The stock has a market cap of $383.75 million, a P/E ratio of -0.08 and a beta of 1.20. The stock has a 50 day moving average of $1.09 and a 200-day moving average of $1.29.

Wall Street Analyst Weigh In

A number of research analysts have commented on OPTU shares. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $1.50 to $0.50 in a research note on Friday, May 15th. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a research note on Friday, May 8th. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Finally, BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Optimum Communications currently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Hedge Funds Weigh In On Optimum Communications

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OPTU. Vanguard Group Inc. acquired a new position in Optimum Communications during the 4th quarter worth $46,002,000. Empyrean Capital Partners LP acquired a new position in shares of Optimum Communications during the fourth quarter valued at $41,297,000. Deutsche Bank AG bought a new stake in shares of Optimum Communications during the fourth quarter valued at about $27,135,000. Millennium Management LLC bought a new stake in shares of Optimum Communications during the fourth quarter valued at about $24,478,000. Finally, Redwood Capital Management LLC acquired a new stake in Optimum Communications in the fourth quarter worth about $13,512,000. 54.85% of the stock is owned by institutional investors.

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.