Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Buys 129,808 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 129,808 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were acquired at an average price of $0.76 per share, for a total transaction of $98,654.08. Following the completion of the transaction, the insider directly owned 16,646,763 shares of the company’s stock, valued at $12,651,539.88. The trade was a 0.79% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Optimum Communications Price Performance

NYSE OPTU traded down $0.01 during trading hours on Friday, hitting $1.01. 1,474,975 shares of the company’s stock traded hands, compared to its average volume of 2,295,386. Optimum Communications, Inc. has a 52-week low of $0.58 and a 52-week high of $2.79. The company has a market capitalization of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. The firm’s 50-day moving average is $1.01 and its 200-day moving average is $1.20.

Optimum Communications (NYSE:OPTU) last released its 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 for the quarter. Equities research analysts predict that Optimum Communications, Inc. will post -0.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on OPTU. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. UBS Group reduced their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Citigroup lowered shares of Optimum Communications from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $1.50 to $0.50 in a report on Friday, May 15th. Finally, Barclays cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research report 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. Based on data from MarketBeat, Optimum Communications currently has an average rating of “Reduce” and a consensus price target of $0.92.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Cerberus Capital Management L.P. acquired a new stake in Optimum Communications during the fourth quarter worth $6,502,000. Vanguard Group Inc. acquired a new position in shares of Optimum Communications in the 4th quarter valued at $46,002,000. CastleKnight Management LP acquired a new position in shares of Optimum Communications in the 4th quarter valued at $8,422,000. Mount Capital Ltd acquired a new position in shares of Optimum Communications in the 4th quarter valued at $6,418,000. Finally, Empyrean Capital Partners LP purchased a new position in shares of Optimum Communications during the 4th quarter worth $41,297,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

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.