Optimum Communications (NYSE:OPTU) Shares Gap Down Following Insider Selling

Optimum Communications, Inc. (NYSE:OPTU)’s share price gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $1.50, but opened at $1.42. Optimum Communications shares last traded at $1.51, with a volume of 590,844 shares changing hands.

Specifically, General Counsel Michael Olsen sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $1.40, for a total transaction of $28,000.00. Following the completion of the transaction, the general counsel owned 1,239,781 shares of the company’s stock, valued at $1,735,693.40. This represents a 1.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

OPTU has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Zacks Research raised shares of Optimum Communications from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 17th. Citigroup lowered shares of Optimum Communications from a “buy” rating to a “neutral” rating in a report on Sunday, February 15th. Benchmark lowered shares of Optimum Communications from a “buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Evercore set a $2.00 price target on shares of Optimum Communications in a research report on Friday, February 13th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $2.19.

Optimum Communications Stock Up 0.3%

The company’s fifty day moving average price is $1.68 and its 200-day moving average price is $2.00. The stock has a market capitalization of $708.04 million, a PE ratio of -0.38 and a beta of 1.51.

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 analysts’ consensus estimates of ($0.01) by ($0.14). The company had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.15 billion. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.12) earnings per share. Equities research analysts anticipate that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

Hedge Funds Weigh In On Optimum Communications

Several large investors have recently modified their holdings of OPTU. Optimize Financial Inc bought a new position in shares of Optimum Communications during the 3rd quarter valued at $1,595,000. Compass Rose Asset Management LP increased its position in Optimum Communications by 108.0% during the second quarter. Compass Rose Asset Management LP now owns 2,600,000 shares of the company’s stock valued at $5,564,000 after acquiring an additional 1,350,000 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Optimum Communications by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company’s stock valued at $21,217,000 after acquiring an additional 879,589 shares during the period. Intech Investment Management LLC bought a new position in Optimum Communications in the second quarter valued at about $262,000. Finally, Geode Capital Management LLC boosted its position in Optimum Communications by 114.7% in the second quarter. Geode Capital Management LLC now owns 6,052,090 shares of the company’s stock worth $12,953,000 after purchasing an additional 3,233,449 shares during the last quarter. Hedge funds and other institutional investors own 54.85% of the company’s stock.

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.