Optimum Communications (NYSE:OPTU) Stock: Insider Neil Subin Purchases 63,624 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 63,624 shares of the business’s stock in a transaction dated Friday, October 23rd. The shares were bought at an average price of $0.61 per share, with a total value of $38,810.64. Following the purchase, the insider owned 21,777,316 shares in the company, valued at $13,284,162.76. The trade was a 0.29% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Stock Performance

Shares of OPTU stock opened at $0.63 on Wednesday. The company has a market capitalization of $170.74 million, a price-to-earnings ratio of -0.06 and a beta of 1.17. The company has a 50-day simple moving average of $0.95 and a 200 day simple moving average of $1.20. Optimum Communications, Inc. has a 52 week low of $0.48 and a 52 week high of $2.25.

Optimum Communications (NYSE:OPTU) last announced its quarterly 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 company had revenue of $2.02 billion for the quarter. Sell-side analysts forecast that Optimum Communications, Inc. will post -0.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Wall Street Zen cut Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Zacks Research lowered Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Monday, August 31st. Wells Fargo & Company lowered their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research note on Tuesday, August 11th. Finally, Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, October 14th. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $0.92.

Institutional Investors Weigh In On Optimum Communications

A number of institutional investors have recently modified their holdings of OPTU. Segall Bryant & Hamill LLC acquired a new position in shares of Optimum Communications in the first quarter valued at about $54,000. Pinnacle Associates Ltd. acquired a new stake in Optimum Communications in the 3rd quarter worth about $53,000. Cidel Asset Management Inc. raised its stake in Optimum Communications by 139.7% in the 2nd quarter. Cidel Asset Management Inc. now owns 58,484 shares of the company’s stock worth $85,000 after purchasing an additional 34,084 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Optimum Communications in the 2nd quarter worth about $86,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Optimum Communications by 541.6% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 69,744 shares of the company’s stock valued at $91,000 after purchasing an additional 58,873 shares during the period. Institutional investors own 54.85% of the company’s stock.

About Optimum Communications

Optimum Communications, Inc provides broadband communications and entertainment services to residential and business customers under the Optimum brand. Its offerings include high-speed internet, traditional and streaming television services, home phone, mobile connectivity, and related digital products.

The company also serves business and enterprise customers with internet access, voice services, managed communications, data networking, and other connectivity solutions. In addition, Optimum provides local and regional advertising services that allow businesses to reach targeted audiences through its television and digital platforms.

Optimum Communications was formerly known as Altice USA, Inc and adopted the Optimum Communications name as part of its broader focus on the Optimum brand.