Neil Subin Purchases 732,279 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 732,279 shares of Optimum Communications stock in a transaction dated Thursday, July 30th. The shares were bought at an average price of $0.74 per share, for a total transaction of $541,886.46. Following the acquisition, the insider owned 17,379,042 shares in the company, 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 legal filing with the SEC, which is accessible through the SEC website. 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%

Shares of OPTU stock opened at $1.01 on Friday. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79. The company’s 50-day moving average price is $1.01 and its 200-day moving average price is $1.20. The stock has a market cap of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last released 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 company had revenue of $2.02 billion for the quarter. As a group, equities research analysts predict that Optimum Communications, Inc. will post -0.82 EPS for the current year.

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.

Analyst Upgrades and Downgrades

OPTU has been the topic of several analyst reports. Evercore set a $1.25 price target on shares of Optimum Communications in a research report on Tuesday, May 12th. Wall Street Zen lowered Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Wells Fargo & Company reduced their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research report on Tuesday, August 11th. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $0.92.

Hedge Funds Weigh In On Optimum Communications

Several large investors have recently made changes to their positions in the stock. Cibc World Markets Corp acquired a new stake in Optimum Communications in the 4th quarter valued at approximately $29,000. Voleon Capital Management LP purchased a new position in shares of Optimum Communications during the third quarter worth $31,000. Cidel Asset Management Inc. purchased a new position in shares of Optimum Communications during the first quarter worth $32,000. Xponance LLC acquired a new stake in shares of Optimum Communications in the fourth quarter valued at $34,000. Finally, Morningstar Investment Management LLC purchased a new stake in shares of Optimum Communications in the 3rd quarter valued at $39,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

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.