Key Points
- Optimum Communications General Counsel Michael Olsen sold 20,000 shares at an average price of $0.74, generating $14,800. The Rule 10b5-1 transaction reduced his direct ownership by 2.25% to 868,454 shares.
- OPTU opened at $0.79 and has fallen 9.2%, trading well below its 50-day and 200-day moving averages. The stock ranges from $0.58 to $2.79 over the past year.
- Analyst sentiment remains cautious, with a consensus “Reduce” rating and a $0.95 price target; institutional investors and hedge funds own 54.85% of the company.
Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) General Counsel Michael Olsen sold 20,000 shares of Optimum Communications stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $0.74, for a total value of $14,800.00. Following the sale, the general counsel directly owned 868,454 shares of the company's stock, valued at $642,655.96. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 Wednesday, July 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $0.88, for a total value of $17,600.00.
- On Monday, June 1st, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.12, for a total value of $22,400.00.
Optimum Communications Stock Down 9.2%
OPTU stock opened at $0.79 on Thursday. The business has a 50 day moving average price of $1.09 and a 200 day moving average price of $1.29. The stock has a market cap of $378.46 million, a price-to-earnings ratio of -0.08 and a beta of 1.20. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79.
Analyst Ratings Changes
Several research analysts have recently issued reports on OPTU shares. Citigroup cut shares of Optimum Communications from a "neutral" rating to a "sell" rating and lowered their target price for the company from $1.50 to $0.50 in a report on Friday, May 15th. Evercore set a $1.25 price target on shares of Optimum Communications in a research report on Tuesday, May 12th. Weiss Ratings upgraded shares of Optimum Communications from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 31st. Wall Street Zen lowered Optimum Communications from a "sell" rating to a "strong sell" rating in a report on Sunday, July 26th. Finally, Zacks Research raised Optimum Communications from a "strong sell" rating to a "hold" rating in a report on Thursday, April 16th. Six analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Optimum Communications currently has an average rating of "Reduce" and a consensus price target of $0.95.
Check Out Our Latest Stock Report on OPTU
Hedge Funds Weigh In On Optimum Communications
A number of institutional investors have recently modified their holdings of the business. Cerberus Capital Management L.P. acquired a new stake in Optimum Communications during the 4th quarter worth approximately $6,502,000. Vanguard Group Inc. acquired a new stake in shares of Optimum Communications during the fourth quarter worth $46,002,000. CastleKnight Management LP acquired a new stake in shares of Optimum Communications during the fourth quarter worth $8,422,000. Mount Capital Ltd acquired a new position in Optimum Communications in the 4th quarter valued at $6,418,000. Finally, Shenkman Capital Management Inc. acquired a new position in Optimum Communications in the 4th quarter valued at $1,444,000. 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.
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