Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $89,508.92 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 120,958 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were purchased at an average cost of $0.74 per share, for a total transaction of $89,508.92. Following the completion of the acquisition, the insider owned 17,500,000 shares of the company’s stock, valued at $12,950,000. This trade represents a 0.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Stock Performance

NYSE OPTU traded down $0.01 on Friday, reaching $1.01. The company’s stock had a trading volume of 1,474,975 shares, compared to its average volume of 2,295,386. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79. The stock has a market cap 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 two-hundred day moving average is $1.20.

Optimum Communications (NYSE:OPTU) last announced 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 firm had revenue of $2.02 billion for the quarter. Equities research analysts anticipate that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Trading of Optimum Communications

A number of hedge funds have recently bought and sold shares of the company. Voleon Capital Management LP acquired a new position in shares of Optimum Communications in the third quarter worth about $31,000. Morningstar Investment Management LLC acquired a new stake in shares of Optimum Communications during the third quarter valued at approximately $39,000. Cibc World Markets Corp acquired a new stake in shares of Optimum Communications during the fourth quarter valued at approximately $29,000. Xponance LLC purchased a new position in Optimum Communications during the 4th quarter worth approximately $34,000. Finally, Mariner LLC purchased a new position in Optimum Communications during the 4th quarter worth approximately $39,000. 54.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. UBS Group reduced their target price on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Wells Fargo & Company dropped their price target on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a report on Tuesday, August 11th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Finally, Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Six investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price 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.