Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Acquires 120,958 Shares of Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 120,958 shares of Optimum Communications stock in a transaction on Friday, July 31st. The shares were purchased at an average cost of $0.74 per share, with a total value of $89,508.92. Following the completion of the purchase, the insider directly owned 17,500,000 shares in the company, valued at $12,950,000. This trade represents a 0.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Stock Down 0.5%

NYSE OPTU traded down $0.01 on Friday, hitting $1.01. The stock had a trading volume of 1,474,975 shares, compared to its average volume of 2,295,386. The company’s 50-day moving average is $1.01 and its two-hundred day moving average is $1.20. Optimum Communications, Inc. has a one year low of $0.58 and a one year high of $2.79. The stock has a market cap of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The firm had revenue of $2.02 billion during the quarter. On average, sell-side analysts anticipate that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Institutional Investors Weigh In On Optimum Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cibc World Markets Corp acquired a new stake in Optimum Communications in the fourth quarter worth approximately $29,000. Voleon Capital Management LP bought a new position in Optimum Communications during the 3rd quarter valued at $31,000. Cidel Asset Management Inc. acquired a new position in shares of Optimum Communications during the 1st quarter valued at $32,000. Xponance LLC acquired a new position in shares of Optimum Communications during the 4th quarter valued at $34,000. Finally, Morningstar Investment Management LLC bought a new stake in shares of Optimum Communications in the 3rd quarter worth $39,000. Institutional investors own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Evercore set a $1.25 price target on Optimum Communications in a report on Tuesday, May 12th. Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, August 13th. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Finally, Wells Fargo & Company reduced their price objective on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a report on Tuesday, August 11th. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $0.92.

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.