Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Buys 50,536 Shares of Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 50,536 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were purchased at an average cost of $0.85 per share, for a total transaction of $42,955.60. Following the transaction, the insider owned 18,842,007 shares of the company’s stock, valued at $16,015,705.95. This trade represents a 0.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Price Performance

Shares of Optimum Communications stock opened at $1.01 on Friday. The firm’s fifty day simple moving average is $1.01 and its 200-day simple moving average is $1.20. The stock has a market capitalization of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a 12 month low of $0.58 and a 12 month high of $2.79.

Optimum Communications (NYSE:OPTU) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. Analysts anticipate that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OPTU. Cibc World Markets Corp acquired a new stake in Optimum Communications in the fourth quarter valued at $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications during the 3rd quarter worth $31,000. Cidel Asset Management Inc. acquired a new position in shares of Optimum Communications during the 1st quarter worth $32,000. Xponance LLC purchased a new position in shares of Optimum Communications in the 4th quarter valued at about $34,000. Finally, Morningstar Investment Management LLC purchased a new position in shares of Optimum Communications in the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on OPTU. UBS Group cut their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Finally, Barclays reduced their target price on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Optimum Communications has an average rating of “Reduce” and a consensus 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.