Neil Subin Acquires 1,291,471 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 1,291,471 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was acquired at an average cost of $0.84 per share, with a total value of $1,084,835.64. Following the transaction, the insider owned 18,791,471 shares of the company’s stock, valued at $15,784,835.64. This represents a 7.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Price Performance

NYSE:OPTU traded down $0.01 on Friday, hitting $1.01. 1,474,975 shares of the company’s stock were exchanged, compared to its average volume of 2,295,386. The firm has a 50-day moving average price of $1.01 and a 200-day moving average price of $1.20. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79. The company has a market cap of $276.66 million, a P/E ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last posted 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 business had revenue of $2.02 billion during the quarter. On average, research analysts expect that Optimum Communications, Inc. will post -0.82 earnings per share for the current fiscal year.

Institutional Trading of Optimum Communications

Several hedge funds have recently added to or reduced their stakes in OPTU. Vanguard Group Inc. acquired a new position in Optimum Communications in the 4th quarter valued at $46,002,000. Empyrean Capital Partners LP acquired a new position in shares of Optimum Communications in the fourth quarter valued at about $41,297,000. Deutsche Bank AG acquired a new position in shares of Optimum Communications during the 4th quarter worth approximately $27,135,000. Millennium Management LLC acquired a new position in shares of Optimum Communications during the 4th quarter worth approximately $24,478,000. Finally, Redwood Capital Management LLC bought a new position in shares of Optimum Communications during the fourth quarter worth approximately $13,512,000. 54.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on OPTU. Citigroup downgraded Optimum Communications from a “neutral” rating to a “sell” rating and cut their price target for the company from $1.50 to $0.50 in a report on Friday, May 15th. Evercore set a $1.25 price objective on shares of Optimum Communications in a report on Tuesday, May 12th. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Barclays cut their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Finally, BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Six equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Optimum Communications presently has an average 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.