Optimum Communications (NYSE:OPTU) Lowered to Strong Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Optimum Communications (NYSE:OPTU) from a sell rating to a strong sell rating in a research report released on Sunday morning.

Other analysts have also issued reports about the stock. Weiss Ratings lowered shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 16th. Evercore set a $1.25 price objective on shares of Optimum Communications in a research note on Tuesday, May 12th. Barclays dropped their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. UBS Group cut their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Finally, Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Six research 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 has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Stock Up 1.6%

Shares of OPTU opened at $0.82 on Friday. The firm has a 50-day moving average price of $1.07 and a 200 day moving average price of $1.35. The firm has a market capitalization of $390.13 million, a PE ratio of -0.08 and a beta of 1.15. Optimum Communications has a 52-week low of $0.58 and a 52-week high of $2.91.

Insider Buying and Selling at Optimum Communications

In other 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 value 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. The trade was a 1.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 60,000 shares of company stock worth $71,800. Company insiders own 43.40% of the company’s stock.

Institutional Trading of Optimum Communications

A number of large investors have recently added to or reduced their stakes in the business. Cerberus Capital Management L.P. bought a new position in shares of Optimum Communications in the fourth quarter valued at $6,502,000. Vanguard Group Inc. acquired a new stake in shares of Optimum Communications during the 4th quarter valued at $46,002,000. CastleKnight Management LP bought a new stake in shares of Optimum Communications during the 4th quarter worth $8,422,000. Mount Capital Ltd bought a new stake in shares of Optimum Communications during the 4th quarter worth $6,418,000. Finally, Empyrean Capital Partners LP acquired a new position in shares of Optimum Communications in the 4th quarter worth $41,297,000. 54.85% of the stock is currently owned by 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.