Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Purchases 171,711 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 171,711 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was acquired at an average price of $0.83 per share, for a total transaction of $142,520.13. Following the acquisition, the insider owned 19,548,909 shares in the company, valued at $16,225,594.47. This trade represents a 0.89% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Price Performance

Shares of Optimum Communications stock opened at $1.01 on Friday. The stock has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. The firm has a fifty day moving average price of $1.01 and a 200 day moving average price of $1.20. Optimum Communications, Inc. has a 1 year low of $0.58 and a 1 year high of $2.79.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion during the quarter. As a group, equities analysts expect that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Institutional Investors Weigh In On Optimum Communications

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

Key Optimum Communications News

Here are the key news stories impacting Optimum Communications this week:

• Positive Sentiment: Subin’s most significant purchase was 1.29 million shares at an average price of $0.84 on August 19. He also bought 535,191 shares on August 21 and 171,711 shares on August 24. His holdings increased to approximately 19.55 million shares, indicating continued willingness to commit capital as OPTU trades near the $1 level. SEC ownership filing
• Positive Sentiment: The buying continued with smaller purchases on August 25 and additional transactions in late July, including 732,279 shares on July 30. Repeated purchases by a major shareholder can be interpreted as a signal that the investor believes the stock is undervalued or expects an improved outlook.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Citigroup lowered 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. Evercore set a $1.25 price objective on Optimum Communications in a report on Tuesday, May 12th. Wall Street Zen cut shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research note on Friday, May 8th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus 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.