Optimum Communications, Inc. (NYSE:OPTU) Receives $0.95 Average Price Target from Analysts

Optimum Communications, Inc. (NYSE:OPTU) has been given an average rating of “Reduce” by the nine research firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $0.95.

A number of brokerages have commented on OPTU. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $1.50 to $0.50 in a research report on Friday, May 15th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. Zacks Research upgraded shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 16th. Finally, UBS Group dropped their target price on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OPTU. Vanguard Group Inc. acquired a new stake in shares of Optimum Communications during the 4th quarter worth about $46,002,000. Empyrean Capital Partners LP acquired a new position in Optimum Communications in the fourth quarter valued at approximately $41,297,000. Deutsche Bank AG acquired a new position in Optimum Communications in the fourth quarter valued at approximately $27,135,000. Millennium Management LLC acquired a new position in Optimum Communications in the fourth quarter valued at approximately $24,478,000. Finally, Redwood Capital Management LLC purchased a new position in Optimum Communications in the fourth quarter valued at approximately $13,512,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Optimum Communications Stock Down 9.2%

Shares of NYSE:OPTU opened at $0.79 on Thursday. The firm’s 50 day moving average price is $1.09 and its 200 day moving average price is $1.29. The stock has a market cap of $378.46 million, a price-to-earnings ratio of -0.08 and a beta of 1.20. Optimum Communications has a fifty-two week low of $0.58 and a fifty-two week high of $2.79.

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.