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

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $0.74, for a total transaction of $14,800.00. Following the completion of the transaction, the general counsel directly owned 868,454 shares of the company’s stock, valued at $642,655.96. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, July 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $0.88, for a total transaction of $17,600.00.
• On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total transaction of $22,400.00.

Optimum Communications Price Performance

OPTU stock traded down $0.08 during trading on Wednesday, reaching $0.79. 2,590,957 shares of the company were exchanged, compared to its average volume of 6,141,411. The company has a market capitalization of $378.46 million, a price-to-earnings ratio of -0.08 and a beta of 1.20. The company has a 50-day moving average of $1.09 and a two-hundred day moving average of $1.29. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79.

Analyst Ratings Changes

A number of research analysts have recently commented on OPTU shares. UBS Group dropped their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Finally, The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a research note on Friday, May 8th. Six research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $0.95.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OPTU. Voleon Capital Management LP acquired a new stake in shares of Optimum Communications during the third quarter worth $31,000. Morningstar Investment Management LLC acquired a new position in Optimum Communications in the third quarter valued at approximately $39,000. Cibc World Markets Corp bought a new position in shares of Optimum Communications during the 4th quarter worth approximately $29,000. Xponance LLC bought a new position in shares of Optimum Communications during the 4th quarter worth approximately $34,000. Finally, Ritholtz Wealth Management acquired a new stake in shares of Optimum Communications during the 4th quarter worth approximately $38,000. 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.