Optimum Communications (NYSE:OPTU) Trading Up 11% – Should You Buy?

Optimum Communications, Inc. (NYSE:OPTU)’s stock price was up 11% on Tuesday . The company traded as high as $1.40 and last traded at $1.3650. Approximately 1,527,138 shares traded hands during trading, a decline of 75% from the average daily volume of 6,090,996 shares. The stock had previously closed at $1.23.

Analysts Set New Price Targets

A number of analysts have issued reports on OPTU shares. Barclays reduced their price target on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Citigroup lowered Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the company from $1.50 to $0.50 in a research report on Friday, May 15th. Evercore set a $1.25 target price on Optimum Communications in a research report on Tuesday, May 12th. UBS Group cut their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Finally, Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Optimum Communications currently has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Performance

The company’s fifty day moving average price is $1.13 and its 200-day moving average price is $1.42. The stock has a market cap of $667.53 million, a P/E ratio of -0.14 and a beta of 1.15.

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of the firm’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 completion of the sale, the general counsel owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. This trade represents a 1.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 over the last ninety days. 43.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Optimum Communications

Several hedge funds and other institutional investors have recently modified their holdings of the business. Man Group plc increased its stake in Optimum Communications by 6.4% in the second quarter. Man Group plc now owns 101,736 shares of the company’s stock worth $218,000 after purchasing an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Optimum Communications by 1.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after buying an additional 7,470 shares during the period. Lazard Asset Management LLC increased its stake in shares of Optimum Communications by 41.6% during the second quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of Optimum Communications by 28.0% in the third quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock valued at $103,000 after acquiring an additional 9,598 shares in the last quarter. Finally, Swiss Life Asset Management Ltd bought a new stake in shares of Optimum Communications in the third quarter valued at about $26,000. 54.85% of the stock is currently 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.