Optimum Communications, Inc. (NYSE:OPTU – Get Free Report) shares saw unusually-high trading volume on Wednesday . 8,521,840 shares traded hands during trading, an increase of 63% from the previous session’s volume of 5,233,411 shares.The stock last traded at $1.4650 and had previously closed at $1.35.
Analyst Ratings Changes
Several equities research analysts recently weighed in on the company. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, June 12th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. UBS Group lowered their target price on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Finally, Barclays dropped their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research 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. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $0.95.
Read Our Latest Analysis on OPTU
Optimum Communications Stock Performance
Insiders Place Their Bets
In other news, General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was 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 directly owned 1,199,781 shares of the company’s stock, valued at approximately $1,907,651.79. This represents 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 60,000 shares of company stock valued at $80,000 in the last three months. 43.40% of the stock is currently owned by insiders.
Institutional Trading of Optimum Communications
Institutional investors and hedge funds have recently bought and sold shares of the business. Swiss Life Asset Management Ltd purchased a new position in Optimum Communications during the 3rd quarter worth $26,000. Voleon Capital Management LP purchased a new stake in shares of Optimum Communications in the third quarter valued at about $31,000. Morningstar Investment Management LLC purchased a new position in shares of Optimum Communications during the third quarter worth about $39,000. Cibc World Markets Corp acquired a new position in Optimum Communications in the 4th quarter valued at about $29,000. Finally, Xponance LLC acquired a new stake in Optimum Communications during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 54.85% of the company’s stock.
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.
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