Optimum Communications (NYSE:OPTU) Sets New 12-Month Low – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $1.43 and last traded at $1.4850, with a volume of 3991462 shares trading hands. The stock had previously closed at $1.47.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Evercore set a $2.00 target price on Optimum Communications in a research note on Friday, February 13th. Barclays decreased their price objective on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Citigroup lowered shares of Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Finally, Benchmark downgraded shares of Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Optimum Communications presently has an average rating of “Reduce” and a consensus price target of $2.19.

Optimum Communications Stock Down 2.4%

The stock has a market capitalization of $665.70 million, a price-to-earnings ratio of -0.35 and a beta of 1.51. The business’s 50-day moving average is $1.70 and its two-hundred day moving average is $2.02.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). The business had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.15 billion. The company’s revenue was down 2.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.12) EPS. As a group, analysts forecast that Optimum Communications, Inc. will post -0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the sale, the general counsel directly owned 1,496,277 shares in the company, valued at $2,394,043.20. This represents a 14.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 44.60% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

Institutional investors have recently bought and sold shares of the company. Invesco Ltd. purchased a new position in Optimum Communications in the fourth quarter worth approximately $736,000. Corient Private Wealth LLC purchased a new position in Optimum Communications during the fourth quarter worth about $348,000. Mackenzie Financial Corp acquired a new stake in shares of Optimum Communications during the fourth quarter valued at about $1,520,000. XTX Topco Ltd purchased a new stake in shares of Optimum Communications in the 4th quarter valued at approximately $329,000. Finally, nVerses Capital LLC acquired a new position in shares of Optimum Communications in the 4th quarter worth approximately $74,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

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.