Key Points
- General Counsel Michael Olsen sold 250,000 shares on Feb. 17 at $1.60 each for $400,000, reducing his stake by 14.32% to 1,496,277 shares (SEC filing disclosed).
- Optimum (NYSE:OPTU) shares traded at $1.54 (down ~1.6%) with a 12‑month range of $1.51–$3.04 and market cap ~$721.2M; the company reported revenue of $2.18B (slightly above estimates) but missed EPS at ($0.15) versus an expected ($0.01).
- Analyst sentiment is weak: the stock carries an average "Reduce" rating with a $2.19 average target after multiple downgrades and price‑target cuts from firms including Barclays, Benchmark and Citigroup.
Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) General Counsel Michael Olsen sold 250,000 shares of the stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the sale, the general counsel directly owned 1,496,277 shares in the company, valued at approximately $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.
Optimum Communications Trading Down 1.6%
Optimum Communications stock traded down $0.03 during trading hours on Friday, reaching $1.54. 396,469 shares of the stock were exchanged, compared to its average volume of 2,081,389. Optimum Communications, Inc. has a twelve month low of $1.51 and a twelve month high of $3.04. The company has a market cap of $721.19 million, a P/E ratio of -0.38 and a beta of 1.51. The stock has a 50 day moving average of $1.73 and a two-hundred day moving average of $2.05.
Optimum Communications (NYSE:OPTU - Get Free Report) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.14). The company had revenue of $2.18 billion for the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the company earned ($0.12) EPS. The company's quarterly revenue was down 2.3% compared to the same quarter last year. On average, analysts expect that Optimum Communications, Inc. will post -0.24 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
OPTU has been the subject of a number of research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Optimum Communications in a report on Wednesday, January 21st. Evercore set a $2.00 price target on Optimum Communications in a research note on Friday, February 13th. Barclays cut their price objective on Optimum Communications from $3.00 to $2.00 and set an "equal weight" rating on the stock in a report on Friday, November 7th. Benchmark downgraded Optimum Communications from a "buy" rating to a "hold" rating in a research report on Tuesday, February 10th. Finally, Citigroup downgraded Optimum Communications from a "buy" rating to a "neutral" rating in a research note on Sunday, February 15th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $2.19.
Get Our Latest Report on OPTU
Institutional Trading of Optimum Communications
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Optimize Financial Inc acquired a new stake in Optimum Communications during the third quarter valued at approximately $1,595,000. Compass Rose Asset Management LP raised its stake in Optimum Communications by 108.0% during the 2nd quarter. Compass Rose Asset Management LP now owns 2,600,000 shares of the company's stock valued at $5,564,000 after purchasing an additional 1,350,000 shares during the period. Allianz Asset Management GmbH acquired a new stake in shares of Optimum Communications in the second quarter worth $579,000. JPMorgan Chase & Co. grew its holdings in shares of Optimum Communications by 8.8% during the second quarter. JPMorgan Chase & Co. now owns 7,923,968 shares of the company's stock valued at $16,957,000 after buying an additional 641,966 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in Optimum Communications during the second quarter valued at $262,000. Institutional investors own 54.85% of the company's stock.
About Optimum Communications
(
Get Free Report)
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.
Further Reading
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