Optimum Communications (NYSE:OPTU) Hits New 52-Week Low - Time to Sell?

Key Points

• Optimum Communications hit a new 52-week low of $1.22 on Monday with about 289,221 shares traded, trading below its 50- and 200-day SMAs ($1.59 and $1.92) and carrying a MarketBeat consensus rating of "Reduce" with a $2.19 target.
• The company reported quarterly EPS of ($0.15) versus estimates of ($0.01) and revenue down 2.3% YoY, with analysts forecasting -0.24 EPS for the year and the stock showing a negative P/E of -0.32.
• Insider activity included General Counsel Michael Olsen selling 250,000 shares at about $1.60 (a 14.3% reduction in his position); insiders own ~44.6% of the stock while institutions/hedge funds hold roughly 54.9%.

Optimum Communications, Inc. (NYSE:OPTU - Get Free Report)'s share price hit a new 52-week low during trading on Monday . The company traded as low as $1.22 and last traded at $1.22, with a volume of 289221 shares changing hands. The stock had previously closed at $1.22.

Analyst Ratings Changes

A number of brokerages have issued reports on OPTU. Weiss Ratings reiterated a "sell (d-)" rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Citigroup lowered shares of Optimum Communications from a "buy" rating to a "neutral" rating in a research note on Sunday, February 15th. Raymond James Financial cut shares of Optimum Communications from an "outperform" rating to a "market perform" rating in a report on Wednesday, March 11th. Zacks Research lowered shares of Optimum Communications from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 18th. Finally, Benchmark cut shares of Optimum Communications from a "buy" rating to a "hold" rating in a research report on Tuesday, February 10th. Four investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Optimum Communications presently has a consensus rating of "Reduce" and a consensus target price of $2.19.

Optimum Communications Stock Performance

The business has a 50-day simple moving average of $1.59 and a 200-day simple moving average of $1.92. The company has a market cap of $599.84 million, a price-to-earnings ratio of -0.32 and a beta of 1.51.

Optimum Communications (NYSE:OPTU - Get Free Report) last announced its quarterly earnings data on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.14). During the same period last year, the business earned ($0.12) earnings per share. The firm's quarterly revenue was down 2.3% on a year-over-year basis. Research analysts anticipate that Optimum Communications, Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling

In other Optimum Communications news, General Counsel Michael Olsen sold 250,000 shares of the business's stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $1.60, for a total transaction of $400,000.00. Following the completion of the transaction, the general counsel owned 1,496,277 shares in the company, valued at $2,394,043.20. The trade was a 14.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 44.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Optimum Communications

Several institutional investors have recently modified their holdings of OPTU. Hsbc Holdings PLC acquired a new position in shares of Optimum Communications during the fourth quarter worth $213,000. PEAK6 LLC acquired a new stake in Optimum Communications in the fourth quarter valued at $400,000. Eos Management L.P. acquired a new stake in Optimum Communications in the fourth quarter valued at $97,000. Corient Private Wealth LLC purchased a new stake in Optimum Communications during the 4th quarter worth about $348,000. Finally, Sentinel Dome Partners LLC purchased a new stake in Optimum Communications during the 4th quarter worth about $330,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

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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