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

Shares of Optimum Communications, Inc. (NYSE:OPTU) gapped down prior to trading on Wednesday . The stock had previously closed at $1.18, but opened at $1.10. Optimum Communications shares last traded at $1.1750, with a volume of 1,835,754 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a report on Friday, May 8th. UBS Group dropped 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. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Finally, Barclays decreased their price objective on shares of 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. Six investment 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, Optimum Communications presently has an average rating of “Reduce” and an average target price of $0.95.

Optimum Communications Trading Down 10.0%

The company has a market capitalization of $578.91 million, a P/E ratio of -0.12 and a beta of 1.15. The company has a 50 day moving average price of $1.12 and a 200 day moving average price of $1.42.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction 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 completion of the transaction, the general counsel directly owned 1,199,781 shares of the company’s stock, valued at $1,907,651.79. The trade was a 1.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 60,000 shares of company stock worth $71,800 over the last three months. Insiders own 43.40% of the company’s stock.

Institutional Trading of Optimum Communications

Several hedge funds and other institutional investors have recently modified their holdings of OPTU. Swiss Life Asset Management Ltd bought a new position in Optimum Communications in the 3rd quarter valued at about $26,000. Cibc World Markets Corp acquired a new position in shares of Optimum Communications in the fourth quarter valued at approximately $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications in the third quarter valued at approximately $31,000. Cidel Asset Management Inc. bought a new position in shares of Optimum Communications during the first quarter worth approximately $32,000. Finally, Xponance LLC bought a new position in shares of Optimum Communications during the fourth quarter worth approximately $34,000. Institutional investors own 54.85% of the company’s stock.

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.