Michael Olsen Sells 20,000 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $0.88, for a total value of $17,600.00. Following the transaction, the general counsel owned 888,454 shares of the company’s stock, valued at approximately $781,839.52. This represents a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Michael Olsen also recently made the following trade(s):

• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.12, for a total value of $22,400.00.
• On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00.

Optimum Communications Trading Down 27.1%

NYSE OPTU traded down $0.39 during trading hours on Wednesday, reaching $1.06. The company had a trading volume of 26,923,905 shares, compared to its average volume of 6,041,923. The stock has a market capitalization of $503.96 million, a P/E ratio of -0.11 and a beta of 1.36. The stock has a 50-day moving average of $1.18 and a 200 day moving average of $1.45. Optimum Communications, Inc. has a 1-year low of $0.58 and a 1-year high of $2.98.

Institutional Trading of Optimum Communications

Hedge funds have recently modified their holdings of the stock. Swiss Life Asset Management Ltd acquired a new position in Optimum Communications during the 3rd quarter worth $26,000. Cibc World Markets Corp acquired a new position in shares of Optimum Communications during the fourth quarter worth about $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications during the third quarter worth about $31,000. Cidel Asset Management Inc. purchased a new stake in shares of Optimum Communications during the first quarter worth approximately $32,000. Finally, Xponance LLC purchased a new stake in shares of Optimum Communications during the fourth quarter worth approximately $34,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on OPTU shares. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Barclays dropped their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company 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, UBS Group reduced their price target on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Six analysts have rated the stock with 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 an average rating of “Reduce” and a consensus price target of $0.95.

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.