Optimum Communications (NYSE:OPTU) Sets New 1-Year Low – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU) shares hit a new 52-week low during trading on Monday . The company traded as low as $1.38 and last traded at $1.40, with a volume of 483681 shares trading hands. The stock had previously closed at $1.49.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OPTU. Citigroup downgraded Optimum Communications from a “buy” rating to a “neutral” rating in a research report on Sunday, February 15th. Benchmark cut Optimum Communications from a “buy” rating to a “hold” rating in a report on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Optimum Communications in a research report on Wednesday, January 21st. Zacks Research raised Optimum Communications from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Evercore set a $2.00 target price on Optimum Communications in a research note on Friday, February 13th. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $2.19.

Optimum Communications Price Performance

The stock has a market cap of $698.63 million, a P/E ratio of -0.37 and a beta of 1.51. The business’s 50 day simple moving average is $1.65 and its 200 day simple moving average is $1.97.

Optimum Communications (NYSE:OPTU) last announced 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). During the same period in the previous year, the company earned ($0.12) earnings per share. Optimum Communications’s quarterly revenue was down 2.3% compared to the same quarter last year. Research analysts predict that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

Insider Buying and Selling at Optimum Communications

In other news, General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction 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 represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 44.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Optimum Communications

Several institutional investors have recently added to or reduced their stakes in OPTU. Swiss Life Asset Management Ltd acquired a new position in Optimum Communications in the 3rd quarter worth $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Optimum Communications in the 3rd quarter valued at about $27,000. Voleon Capital Management LP bought a new stake in shares of Optimum Communications in the third quarter valued at about $31,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Optimum Communications by 50.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after buying an additional 5,156 shares during the period. Finally, Morningstar Investment Management LLC acquired a new position in shares of Optimum Communications during the third quarter worth about $39,000. 54.85% of the stock is owned by 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.