Optimum Communications (NYSE:OPTU) Shares Gap Down – What’s Next?

Optimum Communications, Inc. (NYSE:OPTU)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $1.61, but opened at $1.55. Optimum Communications shares last traded at $1.70, with a volume of 5,228,098 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OPTU. Weiss Ratings downgraded Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, June 12th. Barclays lowered their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. UBS Group decreased their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Raymond James Financial cut Optimum Communications from an “outperform” rating to a “market perform” rating in a report on Wednesday, March 11th. Six equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $0.95.

Optimum Communications Stock Performance

The company has a 50-day moving average price of $1.18 and a 200-day moving average price of $1.45. The firm has a market capitalization of $736.15 million, a P/E ratio of -0.16 and a beta of 1.36.

Insider Buying and Selling at Optimum Communications

In related news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $1.59, for a total transaction of $31,800.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 60,000 shares of company stock valued at $80,000. Company insiders own 43.40% of the company’s stock.

Institutional Trading of Optimum Communications

Large investors have recently made changes to their positions in the company. Segall Bryant & Hamill LLC bought a new position in Optimum Communications during the first quarter worth about $54,000. Bank of America Corp DE increased its holdings in shares of Optimum Communications by 4.2% in the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after acquiring an additional 43,279 shares in the last quarter. Readystate Asset Management LP raised its position in shares of Optimum Communications by 23.7% during the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock worth $1,600,000 after purchasing an additional 235,559 shares during the period. Carronade Capital Management LP raised its position in shares of Optimum Communications by 9.3% during the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock worth $8,546,000 after purchasing an additional 558,000 shares during the period. Finally, Helix Partners Management LP lifted its holdings in shares of Optimum Communications by 36.0% during the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock valued at $2,210,000 after purchasing an additional 450,000 shares in the last quarter. Institutional investors 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.