Optimum Communications (NYSE:OPTU) Shares Gap Down – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU) shares gapped down before the market opened on Wednesday . The stock had previously closed at $1.45, but opened at $0.8190. Optimum Communications shares last traded at $1.0750, with a volume of 16,879,593 shares changing hands.

Analyst Ratings Changes

OPTU has been the topic of several research analyst reports. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings lowered shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, June 12th. Evercore set a $1.25 target price on Optimum Communications in a research note on Tuesday, May 12th. UBS Group lowered their price objective 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. Finally, Zacks Research upgraded Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Optimum Communications currently has an average rating of “Reduce” and an average target price of $0.95.

Optimum Communications Stock Down 30.3%

The company has a 50-day simple moving average of $1.18 and a two-hundred day simple moving average of $1.45. The stock has a market cap of $481.23 million, a P/E ratio of -0.10 and a beta of 1.36.

Insider Activity at Optimum Communications

In related 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 value of $31,800.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 43.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Optimum Communications

A number of large investors have recently added to or reduced their stakes in OPTU. Swiss Life Asset Management Ltd purchased a new position in shares of Optimum Communications in the third quarter valued at about $26,000. Cibc World Markets Corp bought a new position in shares of Optimum Communications during the fourth quarter valued at about $29,000. Voleon Capital Management LP purchased a new stake in shares of Optimum Communications during the third quarter worth about $31,000. Cidel Asset Management Inc. purchased a new stake in shares of Optimum Communications during the first quarter worth about $32,000. Finally, Xponance LLC bought a new stake in shares of Optimum Communications in the fourth quarter worth about $34,000. Institutional investors own 54.85% of the company’s stock.

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.