Key Points
- General Counsel Michael Olsen sold 20,000 shares of Optimum Communications on July 1 at an average price of $0.88, totaling $17,600. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Olsen still held 888,454 shares valued at about $781,840, which reflects a 2.2% reduction in his position. He had also sold 20,000 shares in each of the prior two months.
- Analysts remain cautious on OPTU, with a consensus rating of “Reduce” and an average target price of $0.95. The stock opened at $1.06, below both its 50-day and 200-day moving averages.
Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) General Counsel Michael Olsen sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $0.88, for a total value of $17,600.00. Following the completion of the sale, the general counsel owned 888,454 shares of the company's stock, valued at approximately $781,839.52. This represents a 2.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The shares were sold at an average price of $1.12, for a total value of $22,400.00.
- 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 transaction of $31,800.00.
Optimum Communications Price Performance
Shares of Optimum Communications stock opened at $1.06 on Thursday. The firm's fifty day simple moving average is $1.17 and its 200-day simple moving average is $1.44. Optimum Communications, Inc. has a 12 month low of $0.58 and a 12 month high of $2.98. The stock has a market capitalization of $503.96 million, a price-to-earnings ratio of -0.11 and a beta of 1.13.
Analyst Ratings Changes
A number of research firms have commented on OPTU. Citigroup lowered shares of Optimum Communications from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Zacks Research raised Optimum Communications from a "strong sell" rating to a "hold" rating in a report on Thursday, April 16th. Evercore set a $1.25 price target on Optimum Communications in a report on Tuesday, May 12th. Barclays dropped their price target on Optimum Communications from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. Finally, BNP Paribas Exane raised Optimum Communications from an "underperform" rating to a "neutral" rating in a research report on Tuesday, June 2nd. Six analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Optimum Communications presently has a consensus rating of "Reduce" and a consensus target price of $0.95.
Check Out Our Latest Stock Report on Optimum Communications
Hedge Funds Weigh In On Optimum Communications
Several institutional investors have recently bought and sold shares of OPTU. 140 Summer Partners LP acquired a new stake in shares of Optimum Communications in the 3rd quarter worth $7,615,000. JPMorgan Chase & Co. increased its stake in shares of Optimum Communications by 11.1% during the third quarter. JPMorgan Chase & Co. now owns 8,803,557 shares of the company's stock worth $21,217,000 after acquiring an additional 879,589 shares during the period. Carronade Capital Management LP increased its stake in shares of Optimum Communications by 42.3% during the third quarter. Carronade Capital Management LP now owns 5,768,682 shares of the company's stock worth $13,903,000 after acquiring an additional 1,715,073 shares during the period. Cerberus Capital Management L.P. purchased a new position in Optimum Communications during the fourth quarter worth about $6,502,000. Finally, Vanguard Group Inc. purchased a new position in Optimum Communications during the fourth quarter worth about $46,002,000. 54.85% of the stock is owned by institutional investors and hedge funds.
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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