Optimum Communications (NYSE:OPTU) Given New $0.75 Price Target at Wells Fargo & Company

Optimum Communications (NYSE:OPTU) had its target price dropped by investment analysts at Wells Fargo & Company from $1.00 to $0.75 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential downside of 4.41% from the company’s previous close.

OPTU has been the topic of a number of other research reports. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $1.50 to $0.50 in a report on Friday, May 15th. Weiss Ratings upgraded shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 31st. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Barclays cut their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Finally, Evercore set a $1.25 target price on Optimum Communications in a report on Tuesday, May 12th. Six equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $0.92.

Optimum Communications Price Performance

Shares of NYSE:OPTU opened at $0.78 on Tuesday. Optimum Communications has a 1-year low of $0.58 and a 1-year high of $2.79. The business has a fifty day moving average price of $1.09 and a 200-day moving average price of $1.27. The company has a market capitalization of $373.84 million, a PE ratio of -0.08 and a beta of 1.20.

Hedge Funds Weigh In On Optimum Communications

Several hedge funds have recently modified their holdings of the stock. Cibc World Markets Corp purchased a new stake in Optimum Communications in the 4th quarter worth $29,000. Voleon Capital Management LP bought a new position in Optimum Communications during the third quarter valued at $31,000. Cidel Asset Management Inc. bought a new stake in shares of Optimum Communications in the 1st quarter worth about $32,000. Xponance LLC bought a new position in shares of Optimum Communications in the 4th quarter valued at about $34,000. Finally, Ritholtz Wealth Management bought a new stake in Optimum Communications during the fourth quarter worth approximately $38,000. 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.