Optimum Communications, Inc. (NYSE:OPTU) Given Average Rating of "Reduce" by Brokerages

Key Points

• Analyst sentiment is bearish: Optimum Communications has a consensus “Reduce” rating, with four sell ratings and six holds. The average 12-month price target is $0.9167.
• Shares are under pressure: OPTU recently traded at $0.83, below its 50-day and 200-day moving averages, and remains well below its 52-week high of $2.79.
• Quarterly results missed expectations: The company reported a loss of $0.67 per share versus the consensus loss estimate of $0.17, despite generating $2.02 billion in revenue. Institutional investors and hedge funds own 54.85% of the stock.

Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) has earned a consensus rating of "Reduce" from the ten ratings firms that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $0.9167.

Several brokerages have recently commented on OPTU. Weiss Ratings downgraded shares of Optimum Communications from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of Optimum Communications from a "sell" rating to a "strong sell" rating in a research report on Sunday, July 26th. Evercore set a $1.25 target price on shares of Optimum Communications in a research report on Tuesday, May 12th. BNP Paribas Exane raised shares of Optimum Communications from an "underperform" rating to a "neutral" rating in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a report on Friday, May 8th.

Optimum Communications Stock Performance

Shares of OPTU stock traded down $0.02 during mid-day trading on Monday, hitting $0.83. The company's stock had a trading volume of 151,738 shares, compared to its average volume of 5,805,371. The company has a market cap of $225.96 million, a PE ratio of -0.08 and a beta of 1.20. The company's fifty day simple moving average is $1.03 and its 200-day simple moving average is $1.22. Optimum Communications has a 52 week low of $0.58 and a 52 week high of $2.79.

Optimum Communications (NYSE:OPTU - Get Free Report) last announced its 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 company had revenue of $2.02 billion during the quarter. On average, equities analysts anticipate that Optimum Communications will post -0.82 earnings per share for the current year.

Institutional Trading of Optimum Communications

Several large investors have recently made changes to their positions in OPTU. California State Teachers Retirement System increased its position in Optimum Communications by 62.2% in the 2nd quarter. California State Teachers Retirement System now owns 367,832 shares of the company's stock valued at $533,000 after buying an additional 141,080 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Optimum Communications during the 1st quarter worth approximately $54,000. Bank of America Corp DE boosted its holdings in Optimum Communications by 4.2% in the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company's stock worth $1,407,000 after acquiring an additional 43,279 shares in the last quarter. Readystate Asset Management LP boosted its holdings in Optimum Communications by 23.7% in the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company's stock worth $1,600,000 after acquiring an additional 235,559 shares in the last quarter. Finally, Carronade Capital Management LP grew its stake in Optimum Communications by 9.3% in the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company's stock valued at $8,546,000 after acquiring an additional 558,000 shares during the period. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications Company 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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