Optimum Communications (NYSE:OPTU) Stock Rating Upgraded by Zacks Research

Optimum Communications (NYSE:OPTU) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also commented on OPTU. Evercore set a $2.00 price target on shares of Optimum Communications in a report on Friday, February 13th. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Citigroup reduced their price objective on shares of Optimum Communications from $1.90 to $1.50 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Finally, Raymond James Financial downgraded shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $1.88.

Optimum Communications Stock Up 8.2%

NYSE:OPTU opened at $1.66 on Thursday. The company has a fifty day moving average of $1.45 and a 200 day moving average of $1.78. Optimum Communications has a 52 week low of $1.20 and a 52 week high of $2.98. The firm has a market capitalization of $778.61 million, a P/E ratio of -0.41 and a beta of 1.51.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.14). During the same quarter in the prior year, the company posted ($0.12) EPS. Optimum Communications’s quarterly revenue was down 2.3% compared to the same quarter last year. As a group, analysts anticipate that Optimum Communications will post -0.24 EPS for the current year.

Insider Transactions at Optimum Communications

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the transaction, the general counsel directly owned 1,496,277 shares of the company’s stock, valued at approximately $2,394,043.20. The trade was a 14.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 290,000 shares of company stock worth $453,800. 44.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Optimize Financial Inc purchased a new stake in shares of Optimum Communications in the 3rd quarter worth about $1,595,000. 140 Summer Partners LP purchased a new stake in shares of Optimum Communications in the 3rd quarter worth about $7,615,000. JPMorgan Chase & Co. grew its position in shares of Optimum Communications by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after buying an additional 879,589 shares during the period. Carronade Capital Management LP grew its position in shares of Optimum Communications by 42.3% in the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after buying an additional 1,715,073 shares during the period. Finally, Foursixthree Capital LP grew its position in shares of Optimum Communications by 13.4% in the 3rd quarter. Foursixthree Capital LP now owns 4,055,638 shares of the company’s stock worth $9,774,000 after buying an additional 478,180 shares during the period. 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.