Optimum Communications (NYSE:OPTU) General Counsel Sells $17,600.00 in Stock

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $0.88, for a total transaction of $17,600.00. Following the completion of the transaction, the general counsel directly owned 888,454 shares in the company, valued at $781,839.52. This represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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.
• On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00.

Optimum Communications Price Performance

Shares of OPTU stock opened at $1.15 on Friday. The company has a market capitalization of $547.94 million, a P/E ratio of -0.12 and a beta of 1.15. The company’s 50-day simple moving average is $1.15 and its two-hundred day simple moving average is $1.44. Optimum Communications, Inc. has a one year low of $0.58 and a one year high of $2.98.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OPTU. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a report on Friday, May 8th. Finally, Citigroup lowered shares of Optimum Communications from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $1.50 to $0.50 in a research note on Friday, May 15th. Six analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $0.95.

Hedge Funds Weigh In On Optimum Communications

Institutional investors and hedge funds have recently bought and sold shares of the company. 140 Summer Partners LP acquired a new stake in shares of Optimum Communications during the third quarter worth $7,615,000. JPMorgan Chase & Co. raised its stake in Optimum Communications by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock worth $21,217,000 after acquiring an additional 879,589 shares during the last quarter. Carronade Capital Management LP raised its stake in Optimum Communications by 42.3% in the 3rd quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company’s stock worth $13,903,000 after acquiring an additional 1,715,073 shares during the last quarter. Cerberus Capital Management L.P. acquired a new stake in Optimum Communications during the 4th quarter worth about $6,502,000. Finally, Vanguard Group Inc. purchased a new stake in Optimum Communications during the 4th quarter valued at about $46,002,000. 54.85% of the stock is owned by hedge funds and other 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.