Optimum Communications, Inc. (NYSE:OPTU) Stock Rated “Reduce” by Wall Street Analysts

Shares of Optimum Communications, Inc. (NYSE:OPTU) have received an average recommendation of “Reduce” from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $0.92.

A number of brokerages have commented on OPTU. Zacks Research cut Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Monday, August 31st. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, October 29th. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Finally, Wells Fargo & Company reduced their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research report on Tuesday, August 11th.

Insider Buying and Selling at Optimum Communications

In other Optimum Communications news, major shareholder Neil S. Subin acquired 2,164,383 shares of Optimum Communications stock in a transaction dated Thursday, October 22nd. The stock was purchased at an average cost of $0.52 per share, for a total transaction of $1,125,479.16. Following the completion of the acquisition, the insider directly owned 21,713,692 shares of the company’s stock, valued at $11,291,119.84. This represents a 11.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have acquired 4,277,316 shares of company stock valued at $2,889,854 over the last 90 days. 43.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Optimum Communications

Institutional investors and hedge funds have recently made changes to their positions in the business. Carronade Capital Management LP lifted its position in Optimum Communications by 9.3% in the 1st quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after acquiring an additional 558,000 shares in the last quarter. Helix Partners Management LP boosted its stake in Optimum Communications by 36.0% during the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock valued at $2,210,000 after purchasing an additional 450,000 shares during the last quarter. Readystate Asset Management LP increased its holdings in Optimum Communications by 23.7% during the 1st quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock worth $1,600,000 after purchasing an additional 235,559 shares in the last quarter. Bank of America Corp DE increased its holdings in Optimum Communications by 4.2% during the 1st quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after purchasing an additional 43,279 shares in the last quarter. Finally, Corient Private Wealth LP raised its stake in shares of Optimum Communications by 32.0% in the second quarter. Corient Private Wealth LP now owns 278,520 shares of the company’s stock worth $404,000 after purchasing an additional 67,506 shares during the last quarter. Institutional investors and hedge funds own 54.85% of the company’s stock.

Optimum Communications Price Performance

Shares of Optimum Communications stock traded up $0.18 during trading on Friday, reaching $0.75. 6,212,067 shares of the company traded hands, compared to its average volume of 3,667,911. The firm has a market capitalization of $204.67 million, a PE ratio of -0.07 and a beta of 1.34. Optimum Communications has a 1-year low of $0.48 and a 1-year high of $2.14. The company has a 50 day moving average price of $0.91 and a 200-day moving average price of $1.16.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. Equities research analysts expect that Optimum Communications will post -0.83 earnings per share for the current year.

About Optimum Communications

Optimum Communications, Inc provides broadband communications and entertainment services to residential and business customers under the Optimum brand. Its offerings include high-speed internet, traditional and streaming television services, home phone, mobile connectivity, and related digital products.

The company also serves business and enterprise customers with internet access, voice services, managed communications, data networking, and other connectivity solutions. In addition, Optimum provides local and regional advertising services that allow businesses to reach targeted audiences through its television and digital platforms.

Optimum Communications was formerly known as Altice USA, Inc and adopted the Optimum Communications name as part of its broader focus on the Optimum brand.