Optimum Communications (NYSE:OPTU) General Counsel Michael Olsen Sells 250,000 Shares

Optimum Communications, Inc. (NYSE:OPTU) General Counsel Michael Olsen sold 250,000 shares of Optimum Communications stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the sale, the general counsel owned 1,496,277 shares of the company’s stock, valued at $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Optimum Communications Stock Down 2.2%

Shares of NYSE:OPTU traded down $0.04 during trading on Thursday, reaching $1.56. The stock had a trading volume of 1,232,450 shares, compared to its average volume of 2,133,735. The firm has a market capitalization of $730.59 million, a price-to-earnings ratio of -0.39 and a beta of 1.51. Optimum Communications, Inc. has a 52 week low of $1.52 and a 52 week high of $3.04. The stock has a fifty day simple moving average of $1.73 and a two-hundred day simple moving average of $2.05.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The firm had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. The company’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the company earned ($0.12) earnings per share. On average, analysts forecast that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On Optimum Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its holdings in Optimum Communications by 365.8% during the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company’s stock worth $5,775,000 after buying an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC grew its holdings in Optimum Communications by 4.7% during the first quarter. AQR Capital Management LLC now owns 806,675 shares of the company’s stock valued at $2,146,000 after purchasing an additional 36,260 shares during the period. Millennium Management LLC increased its stake in Optimum Communications by 10.5% in the first quarter. Millennium Management LLC now owns 5,516,311 shares of the company’s stock valued at $14,673,000 after purchasing an additional 524,169 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Optimum Communications by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company’s stock worth $17,016,000 after purchasing an additional 2,031,971 shares in the last quarter. Finally, Caxton Associates LLP acquired a new position in shares of Optimum Communications in the 1st quarter valued at $88,000. Institutional investors own 54.85% of the company’s stock.

Analysts Set New Price Targets

OPTU has been the subject of a number of analyst reports. Evercore set a $2.00 price objective on Optimum Communications in a report on Friday, February 13th. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday. Citigroup downgraded Optimum Communications from a “buy” rating to a “neutral” rating in a report on Sunday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Optimum Communications in a report on Wednesday, January 21st. Finally, Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $2.19.

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.