Neil Subin Purchases 171,711 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 171,711 shares of Optimum Communications stock in a transaction that occurred on Monday, August 24th. The stock was purchased at an average cost of $0.83 per share, for a total transaction of $142,520.13. Following the purchase, the insider owned 19,548,909 shares of the company’s stock, valued at $16,225,594.47. The trade was a 0.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major 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%

Shares of OPTU stock opened at $1.01 on Friday. The business has a 50-day moving average price of $1.01 and a two-hundred day moving average price of $1.20. Optimum Communications, Inc. has a 12-month low of $0.58 and a 12-month high of $2.79. The firm 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 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 during the quarter. As a group, research analysts expect that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. UBS Group cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. The Goldman Sachs Group set a $1.00 target price on shares of Optimum Communications in a report on Friday, May 8th. Barclays decreased their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Finally, Wells Fargo & Company cut their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research report on Tuesday, August 11th. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Optimum Communications presently has an average rating of “Reduce” and an average target price of $0.92.

Institutional Inflows and Outflows

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

Optimum Communications News Summary

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.

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.