Readystate Asset Management LP Lowers Position in Optimum Communications, Inc. $OPTU

Key Points

• Readystate Asset Management cut its Optimum Communications position by 87.1% in the second quarter, selling 1.07 million shares and retaining 158,210 shares valued at approximately $229,000.
• Optimum Communications reported a quarterly loss of $0.67 per share, missing the consensus estimate of a $0.17 loss, while revenue reached $2.02 billion. Analysts expect a full-year loss of $0.83 per share.
• The stock traded near $0.99, down 6%, with analysts assigning an average “Reduce” rating and a $0.92 consensus price target; insiders, however, purchased more than 3 million shares over the last quarter.

Readystate Asset Management LP trimmed its position in shares of Optimum Communications, Inc. (NYSE:OPTU - Free Report) by 87.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 158,210 shares of the company's stock after selling 1,072,559 shares during the quarter. Readystate Asset Management LP owned 0.06% of Optimum Communications worth $229,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in OPTU. Cibc World Markets Corp acquired a new stake in Optimum Communications in the fourth quarter valued at about $29,000. Voleon Capital Management LP acquired a new position in Optimum Communications during the 3rd quarter worth approximately $31,000. Cidel Asset Management Inc. purchased a new position in shares of Optimum Communications during the 1st quarter worth approximately $32,000. Xponance LLC acquired a new stake in shares of Optimum Communications in the 4th quarter valued at approximately $34,000. Finally, Morningstar Investment Management LLC purchased a new stake in shares of Optimum Communications in the third quarter valued at approximately $39,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Optimum Communications news, major shareholder Neil S. Subin purchased 171,711 shares of the stock in a transaction dated Monday, August 24th. The shares were acquired at an average cost of $0.83 per share, for a total transaction of $142,520.13. Following the completion of the transaction, the insider directly owned 19,548,909 shares of the company's stock, valued at $16,225,594.47. This trade represents a 0.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have bought a total of 3,032,354 shares of company stock valued at $2,455,613 over the last quarter. 43.40% of the stock is owned by corporate insiders.

Optimum Communications Stock Down 6.0%

Optimum Communications stock opened at $0.99 on Wednesday. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79. The firm's 50-day simple moving average is $0.94 and its 200 day simple moving average is $1.17. The firm has a market capitalization of $269.13 million, a PE ratio of -0.10 and a beta of 1.25.

Optimum Communications (NYSE:OPTU - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. On average, research analysts expect that Optimum Communications, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Evercore set a $1.25 price objective on Optimum Communications in a report on Tuesday, May 12th. BNP Paribas Exane upgraded shares of Optimum Communications from an "underperform" rating to a "neutral" rating in a research report on Tuesday, June 2nd. Citigroup cut shares of Optimum Communications from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $1.50 to $0.50 in a research note on Friday, May 15th. Wall Street Zen downgraded shares of Optimum Communications from a "sell" rating to a "strong sell" rating in a report on Sunday, July 26th. Finally, Zacks Research cut shares of Optimum Communications from a "hold" rating to a "strong sell" rating in a research note on Monday, August 31st. Five analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, Optimum Communications has an average rating of "Reduce" and a consensus price target of $0.92.

Optimum Communications Profile

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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