Key Points
- General Counsel Michael Olsen sold 20,000 shares of Optimum Communications on June 1 at an average price of $1.12, worth about $22,400. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Olsen still owned 933,381 shares, and the sale reduced his stake by about 2.10%. The article also notes he made similar 20,000-share sales in April and May.
- Analysts remain cautious on OPTU, with a consensus rating of “Reduce” and an average price target of $0.95. The stock recently traded around $1.18, while institutional investors still hold a majority of shares.
Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) General Counsel Michael Olsen sold 20,000 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1.12, for a total value of $22,400.00. Following the completion of the sale, the general counsel directly owned 933,381 shares in the company, valued at $1,045,386.72. This trade represents a 2.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Michael Olsen also recently made the following trade(s):
- On Friday, May 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.59, for a total value of $31,800.00.
- On Wednesday, April 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.29, for a total value of $25,800.00.
Optimum Communications Trading Up 1.3%
Optimum Communications stock opened at $1.18 on Wednesday. The business's fifty day simple moving average is $1.22 and its two-hundred day simple moving average is $1.52. Optimum Communications, Inc. has a 12 month low of $0.58 and a 12 month high of $2.98. The company has a market capitalization of $559.85 million, a price-to-earnings ratio of -0.12 and a beta of 1.36.
Wall Street Analysts Forecast Growth
OPTU has been the subject of several recent analyst reports. Barclays decreased their price target on Optimum Communications from $2.00 to $1.00 and set an "equal weight" rating for the company in a research note on Friday, May 8th. Weiss Ratings upgraded Optimum Communications from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, May 28th. Evercore set a $1.25 price target on Optimum Communications in a research note on Tuesday, May 12th. Zacks Research upgraded Optimum Communications from a "strong sell" rating to a "hold" rating in a research note on Thursday, April 16th. Finally, The Goldman Sachs Group set a $1.00 price target on Optimum Communications in a research note on Friday, May 8th. Six research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Optimum Communications presently has a consensus rating of "Reduce" and an average price target of $0.95.
Get Our Latest Stock Analysis on OPTU
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of OPTU. Royal Bank of Canada raised its stake in shares of Optimum Communications by 365.8% in the first quarter. Royal Bank of Canada now owns 2,171,000 shares of the company's stock worth $5,775,000 after purchasing an additional 1,704,908 shares during the last quarter. AQR Capital Management LLC increased its position 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 acquiring an additional 36,260 shares during the last quarter. Millennium Management LLC increased its position in Optimum Communications by 10.5% during the first quarter. Millennium Management LLC now owns 5,516,311 shares of the company's stock valued at $14,673,000 after acquiring an additional 524,169 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Optimum Communications by 46.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,397,047 shares of the company's stock valued at $17,016,000 after acquiring an additional 2,031,971 shares during the last quarter. Finally, Caxton Associates LLP purchased a new stake in Optimum Communications during the first quarter valued at $88,000. Hedge funds and other 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.
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