Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Buys 732,279 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 732,279 shares of the stock in a transaction that occurred on Thursday, July 30th. The stock was purchased at an average price of $0.74 per share, with a total value of $541,886.46. Following the completion of the transaction, the insider owned 17,379,042 shares of the company’s stock, valued at approximately $12,860,491.08. This trade represents a 4.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Optimum Communications Trading Down 0.5%

Optimum Communications stock opened at $1.01 on Friday. The company’s 50-day moving average is $1.01 and its two-hundred day moving average is $1.20. Optimum Communications, Inc. has a 1 year low of $0.58 and a 1 year high of $2.79. The company has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last released its earnings results on Thursday, August 6th. The company reported ($0.67) 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. Research analysts forecast that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Weiss Ratings upgraded Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. BNP Paribas Exane raised Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research report on Friday, May 8th. Six research 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.com, the company presently has an average rating of “Reduce” and a consensus target price of $0.92.

Key Headlines 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.

Hedge Funds Weigh In On Optimum Communications

Institutional investors and hedge funds have recently made changes to their positions in the company. Voleon Capital Management LP acquired a new stake in Optimum Communications during the 3rd quarter worth $31,000. Morningstar Investment Management LLC acquired a new position in Optimum Communications in the third quarter valued at about $39,000. Cibc World Markets Corp bought a new stake in shares of Optimum Communications in the fourth quarter worth about $29,000. Xponance LLC bought a new stake in shares of Optimum Communications in the fourth quarter worth about $34,000. Finally, Mariner LLC bought a new stake in shares of Optimum Communications in the fourth quarter worth about $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

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.