Optimum Communications (NYSE:OPTU) Shares Gap Down – Time to Sell?

Shares of Optimum Communications, Inc. (NYSE:OPTU) gapped down before the market opened on Wednesday . The stock had previously closed at $1.45, but opened at $0.8190. Optimum Communications shares last traded at $1.0750, with a volume of 16,879,593 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Barclays reduced their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Raymond James Financial downgraded Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a report on Friday, May 8th. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Optimum Communications currently has a consensus rating of “Reduce” and a consensus price target of $0.95.

Optimum Communications Trading Up 6.5%

The stock’s fifty day moving average is $1.16 and its 200 day moving average is $1.44. The company has a market capitalization of $547.94 million, a P/E ratio of -0.12 and a beta of 1.13.

Insider Activity

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the business’s stock in a transaction dated 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. The trade was a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 60,000 shares of company stock valued at $71,800 in the last 90 days. 43.40% of the stock is currently owned by insiders.

Institutional Trading of Optimum Communications

Several large investors have recently modified their holdings of the business. Swiss Life Asset Management Ltd purchased a new position in Optimum Communications during the 3rd quarter valued at about $26,000. Voleon Capital Management LP bought a new stake in shares of Optimum Communications in the 3rd quarter worth approximately $31,000. Morningstar Investment Management LLC bought a new stake in shares of Optimum Communications in the 3rd quarter worth approximately $39,000. Cibc World Markets Corp bought a new stake in shares of Optimum Communications in the 4th quarter worth approximately $29,000. Finally, Xponance LLC purchased a new position in shares of Optimum Communications during the fourth quarter valued at approximately $34,000. 54.85% of the stock is owned by 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.