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

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.12, for a total value of $22,400.00. Following the completion of the sale, the general counsel owned 933,381 shares in the company, valued at approximately $1,045,386.72. This represents a 2.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.59, for a total value of $31,800.00.
• On Wednesday, April 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.29, for a total value of $25,800.00.

Optimum Communications Stock Performance

Shares of OPTU stock opened at $1.18 on Wednesday. The firm has a market cap of $559.85 million, a P/E ratio of -0.12 and a beta of 1.36. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.98. The business’s 50 day moving average price is $1.22 and its 200-day moving average price is $1.52.

Institutional Investors Weigh In On Optimum Communications

Hedge funds have recently made changes to their positions in the company. Swiss Life Asset Management Ltd bought a new stake in shares of Optimum Communications during the third quarter valued at approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications in the third quarter worth $27,000. Cibc World Markets Corp bought a new stake in Optimum Communications in the fourth quarter worth $29,000. Voleon Capital Management LP bought a new stake in Optimum Communications in the third quarter worth $31,000. Finally, Cidel Asset Management Inc. bought a new stake in Optimum Communications in the first quarter worth $32,000. 54.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 28th. Barclays dropped their price target on 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. Benchmark lowered Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Raymond James Financial lowered Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Six research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and an average target price of $0.95.

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.