Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Buys $42,955.60 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 50,536 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were bought at an average price of $0.85 per share, for a total transaction of $42,955.60. Following the acquisition, the insider owned 18,842,007 shares of the company’s stock, valued at approximately $16,015,705.95. This represents a 0.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Down 0.5%

OPTU stock opened at $1.01 on Monday. The stock has a market capitalization of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79. The firm has a 50 day moving average of $1.01 and a 200 day moving average of $1.20.

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

Hedge Funds Weigh In On Optimum Communications

Several hedge funds have recently bought and sold shares of the company. Cerberus Capital Management L.P. acquired a new position in Optimum Communications in the 4th quarter valued at about $6,502,000. Vanguard Group Inc. purchased a new stake in Optimum Communications during the 4th quarter worth approximately $46,002,000. CastleKnight Management LP acquired a new stake in Optimum Communications during the 4th quarter worth approximately $8,422,000. Empyrean Capital Partners LP acquired a new position in shares of Optimum Communications in the fourth quarter worth $41,297,000. Finally, Mount Capital Ltd acquired a new position in shares of Optimum Communications in the fourth quarter worth $6,418,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Key Stories Impacting Optimum Communications

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.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Barclays lowered their target price on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a research report on Friday, May 8th. Evercore set a $1.25 price target on shares of Optimum Communications in a research note on Tuesday, May 12th. Finally, BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price 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.