Optimum Communications (NYSE:OPTU) Sets New 12-Month Low – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $1.5850 and last traded at $1.5950, with a volume of 599540 shares trading hands. The stock had previously closed at $1.63.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup reduced their price target on Optimum Communications from $3.25 to $2.75 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research report on Friday, January 16th. Barclays decreased their price target on shares of Optimum Communications from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Finally, Evercore ISI set a $2.50 target price on shares of Optimum Communications in a research report on Friday, November 7th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $2.55.

Optimum Communications Price Performance

The firm’s 50-day simple moving average is $1.78 and its 200 day simple moving average is $2.15. The firm has a market capitalization of $732.93 million, a price-to-earnings ratio of -0.39 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($3.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($3.43). The firm had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the firm posted ($0.09) EPS. The business’s revenue was down 5.4% on a year-over-year basis. As a group, research analysts predict that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

Institutional Trading of Optimum Communications

Hedge funds have recently added to or reduced their stakes in the stock. Swiss Life Asset Management Ltd bought a new stake in Optimum Communications during the third quarter valued at $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Optimum Communications during the 3rd quarter valued at about $27,000. May Hill Capital LLC acquired a new stake in Optimum Communications during the second quarter worth approximately $29,000. Voleon Capital Management LP bought a new stake in Optimum Communications in the third quarter worth approximately $31,000. Finally, Ritholtz Wealth Management acquired a new position in Optimum Communications in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds 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.