Optimum Communications (NYSE:OPTU) Shares Up 8.3% – Here’s What Happened

Optimum Communications, Inc. (NYSE:OPTU) shot up 8.3% on Monday . The company traded as high as $1.2450 and last traded at $1.2450. Approximately 692,670 shares were traded during trading, a decline of 86% from the average daily volume of 5,048,318 shares. The stock had previously closed at $1.15.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings lowered shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, June 12th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a research report on Friday, May 8th. Finally, UBS Group lowered their price objective on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Stock Performance

The stock’s 50 day simple moving average is $1.18 and its 200-day simple moving average is $1.46. The firm has a market cap of $593.21 million, a price-to-earnings ratio of -0.13 and a beta of 1.37.

Insider Activity

In related news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total value of $31,800.00. Following the transaction, the general counsel owned 1,199,781 shares in the company, valued at approximately $1,907,651.79. This represents a 1.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 60,000 shares of company stock valued at $80,000 in the last three months. Company insiders own 43.40% of the company’s stock.

Institutional Investors Weigh In On Optimum Communications

Several hedge funds have recently added to or reduced their stakes in OPTU. Vanguard Group Inc. acquired a new stake in Optimum Communications during the fourth quarter worth about $46,002,000. Empyrean Capital Partners LP acquired a new position in Optimum Communications in the fourth quarter valued at approximately $41,297,000. Deutsche Bank AG acquired a new position in Optimum Communications in the fourth quarter valued at approximately $27,135,000. Millennium Management LLC purchased a new stake in Optimum Communications in the 4th quarter worth approximately $24,478,000. Finally, JPMorgan Chase & Co. boosted its position in Optimum Communications by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after purchasing an additional 879,589 shares in the last quarter. 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.