Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Buys 535,191 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 535,191 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were bought at an average cost of $0.85 per share, with a total value of $454,912.35. Following the completion of the acquisition, the insider directly owned 19,377,198 shares in the company, valued at approximately $16,470,618.30. This represents a 2.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Down 0.5%

Shares of Optimum Communications stock opened at $1.01 on Friday. The company has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79. The business has a 50 day moving average price of $1.01 and a 200-day moving average price of $1.20.

Optimum Communications (NYSE:OPTU) last announced its earnings results 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 company had revenue of $2.02 billion during the quarter. As a group, research analysts anticipate that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Key Optimum Communications News

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 have recently added to or reduced their stakes in the stock. Vanguard Group Inc. purchased a new stake in Optimum Communications during the fourth quarter worth about $46,002,000. Empyrean Capital Partners LP purchased a new position in Optimum Communications in the fourth quarter valued at about $41,297,000. Deutsche Bank AG purchased a new position in Optimum Communications in the fourth quarter valued at about $27,135,000. Millennium Management LLC bought a new position in shares of Optimum Communications during the 4th quarter valued at approximately $24,478,000. Finally, Redwood Capital Management LLC bought a new position in shares of Optimum Communications during the 4th quarter valued at approximately $13,512,000. Institutional investors own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OPTU. Barclays cut their price objective on shares of Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Wells Fargo & Company cut their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a report on Tuesday, August 11th. Citigroup downgraded shares of Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Finally, BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Six investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Optimum Communications has an average rating of “Reduce” and a consensus target price of $0.92.

Optimum Communications Company Profile

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.