Brokerages Set Optimum Communications, Inc. (NYSE:OPTU) PT at $0.92

Shares of Optimum Communications, Inc. (NYSE:OPTU) have been given an average recommendation of “Reduce” by the ten research firms that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $0.9167.

OPTU has been the subject of a number of research reports. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Barclays reduced their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Wells Fargo & Company decreased their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research report on Tuesday, August 11th. Finally, Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday.

Key Stories Impacting Optimum Communications

Here are the key news stories impacting Optimum Communications this week:

• Positive Sentiment: Subin’s most significant purchase was 1.29 million shares at an average price of $0.84 on August 19. He also bought 535,191 shares on August 21 and 171,711 shares on August 24. His holdings increased to approximately 19.55 million shares, indicating continued willingness to commit capital as OPTU trades near the $1 level. SEC ownership filing
• Positive Sentiment: The buying continued with smaller purchases on August 25 and additional transactions in late July, including 732,279 shares on July 30. Repeated purchases by a major shareholder can be interpreted as a signal that the investor believes the stock is undervalued or expects an improved outlook.

Optimum Communications Trading Down 0.5%

OPTU stock opened at $1.01 on Monday. Optimum Communications has a 1-year low of $0.58 and a 1-year high of $2.79. The business’s 50 day simple moving average is $1.01 and its 200 day simple moving average is $1.20. The firm has a market capitalization of $276.66 million, a PE ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. As a group, sell-side analysts predict that Optimum Communications will post -0.82 EPS for the current fiscal year.

Insider Activity

In other Optimum Communications news, major shareholder Neil S. Subin bought 1,291,471 shares of the stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $0.84 per share, with a total value of $1,084,835.64. Following the completion of the acquisition, the insider owned 18,791,471 shares of the company’s stock, valued at $15,784,835.64. This trade represents a 7.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders have purchased 3,032,354 shares of company stock worth $2,455,613. Corporate insiders own 43.40% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

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

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.