Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Acquires 1,291,471 Shares

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

Optimum Communications Stock Performance

Optimum Communications stock opened at $1.01 on Friday. The firm’s fifty day moving average price is $1.01 and its 200-day moving average price is $1.20. The stock has a market cap of $276.66 million, a P/E ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings data 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 firm had revenue of $2.02 billion for the quarter. On average, analysts predict that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Trending Headlines about 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.

Institutional Investors Weigh In On Optimum Communications

Institutional investors have recently bought and sold shares of the stock. Cibc World Markets Corp purchased a new position in Optimum Communications in the 4th quarter worth approximately $29,000. Voleon Capital Management LP bought a new stake in Optimum Communications in the third quarter valued at approximately $31,000. Cidel Asset Management Inc. purchased a new stake in shares of Optimum Communications during the first quarter valued at approximately $32,000. Xponance LLC purchased a new stake in shares of Optimum Communications during the fourth quarter valued at approximately $34,000. Finally, Morningstar Investment Management LLC bought a new position in shares of Optimum Communications in the third quarter worth approximately $39,000. 54.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OPTU has been the topic of several recent research reports. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Barclays decreased their price target on shares of 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. Weiss Ratings upgraded shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the company from $1.50 to $0.50 in a research note on Friday, May 15th. Finally, The Goldman Sachs Group set a $1.00 price objective on shares of Optimum Communications in a research note on Friday, May 8th. Six investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $0.92.

About Optimum Communications

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.