Readystate Asset Management LP Trims Stock Holdings in Optimum Communications, Inc. $OPTU

Readystate Asset Management LP lowered its stake in shares of Optimum Communications, Inc. (NYSE:OPTU) by 87.1% during the second quarter, Holdings Channel reports. The fund owned 158,210 shares of the company’s stock after selling 1,072,559 shares during the quarter. Readystate Asset Management LP’s holdings in Optimum Communications were worth $229,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Man Group plc raised its stake in Optimum Communications by 6.4% in the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after purchasing an additional 6,137 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Optimum Communications by 1.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock worth $1,713,000 after purchasing an additional 7,470 shares during the last quarter. Lazard Asset Management LLC boosted its stake in shares of Optimum Communications by 41.6% during the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock worth $61,000 after purchasing an additional 8,420 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Optimum Communications by 28.0% during the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after buying an additional 9,598 shares in the last quarter. Finally, Voleon Capital Management LP purchased a new stake in shares of Optimum Communications during the third quarter worth about $31,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OPTU shares. Wells Fargo & Company reduced their price objective on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research note on Tuesday, August 11th. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 27th. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $1.50 to $0.50 in a report on Friday, May 15th. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Finally, BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Five analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $0.92.

Optimum Communications Stock Performance

Optimum Communications stock opened at $0.99 on Wednesday. Optimum Communications, Inc. has a 1 year low of $0.58 and a 1 year high of $2.79. The firm has a 50 day moving average price of $0.94 and a 200 day moving average price of $1.17. The company has a market cap of $269.13 million, a price-to-earnings ratio of -0.10 and a beta of 1.25.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. Sell-side analysts predict that Optimum Communications, Inc. will post -0.83 EPS for the current year.

Insider Activity at Optimum Communications

In other news, major shareholder Neil S. Subin bought 171,711 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were acquired at an average cost of $0.83 per share, with a total value of $142,520.13. Following the transaction, the insider owned 19,548,909 shares of the company’s stock, valued at $16,225,594.47. This represents a 0.89% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last three months, insiders acquired 3,032,354 shares of company stock worth $2,455,613. Corporate insiders own 43.40% of the company’s stock.

Optimum Communications 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.