Optimum Communications (NYSE:OPTU) Stock Sees Heavy Put Option Buying

Optimum Communications, Inc. (NYSE:OPTU) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 5,356 put options on the company. This represents an increase of approximately 147% compared to the typical volume of 2,169 put options.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on OPTU shares. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 14th. Zacks Research downgraded Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Monday, August 31st. Wells Fargo & Company dropped 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, Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Five analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and a consensus target price of $0.92.

Insider Transactions at Optimum Communications

In other news, major shareholder Neil S. Subin purchased 1,291,471 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were purchased at an average price of $0.84 per share, with a total value of $1,084,835.64. Following the purchase, the insider directly 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders bought 3,032,354 shares of company stock worth $2,455,613. 43.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Optimum Communications

Several hedge funds and other institutional investors have recently made changes to their positions in OPTU. Cidel Asset Management Inc. bought a new stake in Optimum Communications during the first quarter worth $32,000. Pinnacle Associates Ltd. acquired a new stake in Optimum Communications in the third quarter valued at $53,000. Segall Bryant & Hamill LLC acquired a new stake in Optimum Communications in the first quarter valued at $54,000. Integrated Wealth Concepts LLC bought a new position in shares of Optimum Communications in the 2nd quarter valued at about $86,000. Finally, Y Intercept Hong Kong Ltd grew its position in shares of Optimum Communications by 541.6% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 69,744 shares of the company’s stock valued at $91,000 after acquiring an additional 58,873 shares during the period. 54.85% of the stock is owned by institutional investors.

Optimum Communications Stock Performance

NYSE OPTU traded down $0.15 during trading hours on Wednesday, hitting $0.68. 4,959,645 shares of the company traded hands, compared to its average volume of 5,050,012. The business’s 50-day moving average is $0.97 and its 200-day moving average is $1.08. The stock has a market capitalization of $186.60 million, a price-to-earnings ratio of -0.07 and a beta of 1.17. Optimum Communications has a twelve month low of $0.58 and a twelve month high of $2.32.

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 the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion during the quarter. Analysts predict that Optimum Communications will post -0.83 EPS for the current year.

Optimum Communications Company Profile

Optimum Communications, Inc, doing business as Optimum, is a telecommunications company that provides connectivity and communications services to residential and business customers. Its offerings include high-speed broadband internet, television and streaming services, wireless mobile plans, digital voice services and related home connectivity products.

The company also serves commercial, enterprise and wholesale customers with services such as business internet, voice, networking, managed communications and data connectivity solutions.