Optimum Communications, Inc. (NYSE:OPTU) Stock Has Average Price Target of $0.92

Key Points

• Analyst sentiment is negative: Nine brokerages give Optimum Communications an average “Reduce” rating—four sell and five hold recommendations—with a 12-month average price target of $0.92.
• The company reported a quarterly loss of $0.67 per share, missing the consensus estimate of a $0.17 loss; revenue was $2.02 billion.
• OPTU rose 31.9% to $0.75 in Friday trading. Insiders purchased about 4.28 million shares worth $2.89 million over the past 90 days.

Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) has earned an average rating of "Reduce" from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation and five have given a hold recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $0.92.

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Optimum Communications from a "sell" rating to a "strong sell" rating in a report on Sunday, July 26th. Wells Fargo & Company decreased their price target on shares of Optimum Communications from $1.00 to $0.75 and set an "underweight" rating on the stock in a research note on Tuesday, August 11th. Zacks Research lowered Optimum Communications from a "hold" rating to a "strong sell" rating in a research note on Monday, August 31st. Finally, Weiss Ratings upgraded Optimum Communications from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, October 29th.

Insider Buying and Selling

In related news, major shareholder Neil S. Subin bought 63,624 shares of Optimum Communications stock in a transaction that occurred on Friday, October 23rd. The shares were acquired at an average cost of $0.61 per share, for a total transaction of $38,810.64. Following the completion of the acquisition, the insider directly owned 21,777,316 shares of the company's stock, valued at approximately $13,284,162.76. The trade was a 0.29% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have purchased 4,277,316 shares of company stock worth $2,889,854. 43.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Optimum Communications

A number of hedge funds have recently bought and sold shares of OPTU. Carronade Capital Management LP grew its holdings in Optimum Communications by 9.3% during the 1st quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company's stock worth $8,546,000 after acquiring an additional 558,000 shares during the period. Helix Partners Management LP lifted its stake in shares of Optimum Communications by 36.0% in the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company's stock valued at $2,210,000 after purchasing an additional 450,000 shares during the period. Engineers Gate Manager LP boosted its position in shares of Optimum Communications by 2,392.3% during the 2nd quarter. Engineers Gate Manager LP now owns 266,771 shares of the company's stock valued at $387,000 after purchasing an additional 256,067 shares in the last quarter. Readystate Asset Management LP grew its stake in Optimum Communications by 23.7% during the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company's stock worth $1,600,000 after purchasing an additional 235,559 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Optimum Communications during the first quarter worth approximately $115,000. Institutional investors own 54.85% of the company's stock.

Optimum Communications Trading Up 31.9%

NYSE OPTU traded up $0.18 during trading hours on Friday, reaching $0.75. 6,212,067 shares of the company's stock were exchanged, compared to its average volume of 3,667,911. Optimum Communications has a one year low of $0.48 and a one year high of $2.14. The stock has a market cap of $204.67 million, a PE ratio of -0.07 and a beta of 1.34. The firm has a fifty day moving average of $0.91 and a 200-day moving average of $1.16.

Optimum Communications (NYSE:OPTU - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. As a group, research analysts forecast that Optimum Communications will post -0.83 EPS for the current year.

Optimum Communications Company Profile

Optimum Communications, Inc provides broadband communications and entertainment services to residential and business customers under the Optimum brand. Its offerings include high-speed internet, traditional and streaming television services, home phone, mobile connectivity, and related digital products.

The company also serves business and enterprise customers with internet access, voice services, managed communications, data networking, and other connectivity solutions. In addition, Optimum provides local and regional advertising services that allow businesses to reach targeted audiences through its television and digital platforms.

Optimum Communications was formerly known as Altice USA, Inc and adopted the Optimum Communications name as part of its broader focus on the Optimum brand.

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