Wells Fargo & Company Cuts Optimum Communications (NYSE:OPTU) Price Target to $0.75

Optimum Communications (NYSE:OPTU) had its price objective reduced by investment analysts at Wells Fargo & Company from $1.00 to $0.75 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential downside of 4.41% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. UBS Group dropped their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 31st. Finally, BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $0.92.

Optimum Communications Trading Up 2.0%

Shares of OPTU opened at $0.78 on Tuesday. The firm has a fifty day moving average price of $1.09 and a 200-day moving average price of $1.27. The firm has a market capitalization of $373.84 million, a P/E ratio of -0.08 and a beta of 1.20. Optimum Communications has a 12-month low of $0.58 and a 12-month high of $2.79.

Institutional Investors Weigh In On Optimum Communications

A number of institutional investors have recently modified their holdings of OPTU. Voleon Capital Management LP purchased a new position in Optimum Communications in the third quarter valued at $31,000. Morningstar Investment Management LLC acquired a new position in Optimum Communications in the 3rd quarter valued at about $39,000. Cibc World Markets Corp purchased a new stake in shares of Optimum Communications during the fourth quarter worth approximately $29,000. Xponance LLC acquired a new stake in shares of Optimum Communications in the 4th quarter worth $34,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Optimum Communications in the fourth quarter valued at about $38,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

About Optimum Communications

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.