Insider Selling: Optimum Communications (NYSE:OPTU) General Counsel Sells 20,000 Shares of Stock

Key Points

• Michael Olsen, Optimum's General Counsel, sold 20,000 shares on May 1 at an average price of $1.59 under a pre‑arranged Rule 10b5‑1 plan (proceeds $31,800), leaving him with 1,199,781 shares — part of several recent insider sales totaling 310,000 shares since February.
• Shares fell about 5.9% to $1.51 on heavy volume (2.84M vs. avg. 2.50M), trading below the 200‑day moving average ($1.71) and closer to the 52‑week low than the high.
• The company recently missed EPS (‑$0.15 vs. ‑$0.01 expected) with revenue down 2.3% year‑over‑year; analysts have a consensus "Reduce" rating with an average price target of $1.88, and institutions own about 54.85% of the stock.

Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) General Counsel Michael Olsen sold 20,000 shares of the company's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $1.59, for a total transaction of $31,800.00. Following the completion of the transaction, the general counsel owned 1,199,781 shares of the company's stock, valued at $1,907,651.79. This trade represents a 1.64% decrease in their ownership of the stock. The sale 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 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 transaction of $25,800.00.
• On Monday, March 2nd, Michael Olsen sold 20,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.40, for a total transaction of $28,000.00.
• On Tuesday, February 17th, Michael Olsen sold 250,000 shares of Optimum Communications stock. The stock was sold at an average price of $1.60, for a total transaction of $400,000.00.

Optimum Communications Stock Down 5.9%

Shares of Optimum Communications stock traded down $0.10 during trading on Monday, hitting $1.51. The company's stock had a trading volume of 2,838,521 shares, compared to its average volume of 2,498,714. The company has a fifty day simple moving average of $1.45 and a two-hundred day simple moving average of $1.71. Optimum Communications, Inc. has a 52 week low of $1.20 and a 52 week high of $2.98.

Optimum Communications (NYSE:OPTU - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.14). Optimum Communications's revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.12) EPS. As a group, sell-side analysts anticipate that Optimum Communications, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Optimum Communications

Several institutional investors have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd grew its position in Optimum Communications by 541.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 69,744 shares of the company's stock valued at $91,000 after purchasing an additional 58,873 shares during the last quarter. Cidel Asset Management Inc. purchased a new stake in Optimum Communications during the 1st quarter valued at about $32,000. SG Americas Securities LLC purchased a new stake in Optimum Communications during the 1st quarter valued at about $115,000. Hsbc Holdings PLC purchased a new stake in Optimum Communications during the 4th quarter valued at about $213,000. Finally, PEAK6 LLC purchased a new stake in Optimum Communications during the 4th quarter valued at about $400,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OPTU shares. Zacks Research upgraded shares of Optimum Communications from a "strong sell" rating to a "hold" rating in a research note on Thursday, April 16th. Citigroup decreased their price target on shares of Optimum Communications from $1.90 to $1.50 and set a "neutral" rating for the company in a research note on Wednesday, April 8th. Evercore set a $2.00 price target on shares of Optimum Communications in a research note on Friday, February 13th. Weiss Ratings upgraded shares of Optimum Communications from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, April 29th. Finally, Raymond James Financial downgraded shares of Optimum Communications from an "outperform" rating to a "market perform" rating in a research report on Wednesday, March 11th. Five investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $1.88.

About Optimum Communications

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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