Optimum Communications (NYSE:OPTU) Shares Up 5.9% – Time to Buy?

Shares of Optimum Communications, Inc. (NYSE:OPTU) were up 5.9% during trading on Friday . The company traded as high as $1.18 and last traded at $1.1650. Approximately 5,757,386 shares traded hands during mid-day trading, an increase of 28% from the average daily volume of 4,509,574 shares. The stock had previously closed at $1.10.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OPTU. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday. Barclays dropped their price target on shares of 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. Weiss Ratings raised shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 28th. Evercore set a $1.25 price objective on shares of Optimum Communications in a research report on Tuesday, May 12th. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research report on Friday, May 8th. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $0.95.

Optimum Communications Price Performance

The firm’s 50-day moving average price is $1.20 and its 200 day moving average price is $1.50. The firm has a market capitalization of $525.17 million, a price-to-earnings ratio of -0.11 and a beta of 1.36.

Insider Activity at Optimum Communications

In other news, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of the sale, the general counsel directly owned 1,199,781 shares in the company, valued at $1,907,651.79. This represents a 1.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 60,000 shares of company stock worth $80,000. Corporate insiders own 44.60% of the company’s stock.

Institutional Trading of Optimum Communications

A number of institutional investors have recently added to or reduced their stakes in OPTU. Wealth Enhancement Advisory Services LLC increased its stake in Optimum Communications by 50.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after buying an additional 5,156 shares during the period. Man Group plc boosted its holdings in shares of Optimum Communications by 6.4% in the 2nd quarter. Man Group plc now owns 101,736 shares of the company’s stock valued at $218,000 after buying an additional 6,137 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Optimum Communications by 1.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 644,142 shares of the company’s stock valued at $1,713,000 after buying an additional 7,470 shares during the period. Lazard Asset Management LLC boosted its holdings in shares of Optimum Communications by 41.6% in the 2nd quarter. Lazard Asset Management LLC now owns 28,667 shares of the company’s stock valued at $61,000 after buying an additional 8,420 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its position in Optimum Communications by 28.0% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 43,905 shares of the company’s stock worth $103,000 after purchasing an additional 9,598 shares during the last quarter. 54.85% of the stock is owned by hedge funds and other institutional investors.

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.