Optimum Communications, Inc. (NYSE:OPTU – Get Free Report) shares traded up 11% during mid-day trading on Tuesday . The company traded as high as $1.40 and last traded at $1.3650. 1,527,138 shares changed 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
OPTU has been the topic of several recent analyst reports. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, June 30th. Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 11th. Barclays reduced 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. The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research note on Friday, May 8th. Finally, Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and an average price target of $0.95.
Check Out Our Latest Analysis on Optimum Communications
Optimum Communications Stock Down 1.0%
Insider Buying and Selling at Optimum Communications
In related news, General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following 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 through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 60,000 shares of company stock worth $71,800. Corporate insiders own 43.40% of the company’s stock.
Institutional Trading of Optimum Communications
Several hedge funds have recently modified their holdings of OPTU. Vanguard Group Inc. bought a new stake in shares of Optimum Communications in the 4th quarter valued at about $46,002,000. Empyrean Capital Partners LP acquired a new stake in Optimum Communications in the fourth quarter valued at approximately $41,297,000. Deutsche Bank AG acquired a new stake in Optimum Communications in the fourth quarter valued at approximately $27,135,000. Millennium Management LLC purchased a new position in Optimum Communications in the fourth quarter worth $24,478,000. Finally, JPMorgan Chase & Co. increased its position in shares of Optimum Communications by 11.1% during the third 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.
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