Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Purchases $1,125,479.16 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 2,164,383 shares of the business’s stock in a transaction that occurred on Thursday, October 22nd. The shares were bought at an average price of $0.52 per share, with a total value of $1,125,479.16. Following the transaction, the insider directly owned 21,713,692 shares in the company, valued at $11,291,119.84. This trade represents a 11.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Price Performance

Shares of OPTU stock opened at $0.65 on Thursday. The stock’s fifty day simple moving average is $0.94 and its 200 day simple moving average is $1.20. Optimum Communications, Inc. has a one year low of $0.48 and a one year high of $2.25. The firm has a market cap of $177.52 million, a price-to-earnings ratio of -0.06 and a beta of 1.17.

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 business had revenue of $2.02 billion during the quarter. On average, research analysts anticipate that Optimum Communications, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Optimum Communications

Large investors have recently modified their holdings of the stock. Carronade Capital Management LP increased its holdings in shares of Optimum Communications by 9.3% in the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after purchasing an additional 558,000 shares in the last quarter. Helix Partners Management LP lifted its holdings in Optimum Communications by 36.0% during the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock worth $2,210,000 after buying an additional 450,000 shares in the last quarter. Readystate Asset Management LP lifted its holdings in Optimum Communications by 23.7% during the 1st quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock worth $1,600,000 after buying an additional 235,559 shares in the last quarter. Bank of America Corp DE lifted its holdings in Optimum Communications by 4.2% during the 1st quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after buying an additional 43,279 shares in the last quarter. Finally, Corient Private Wealth LP boosted its position in Optimum Communications by 32.0% in the 2nd quarter. Corient Private Wealth LP now owns 278,520 shares of the company’s stock valued at $404,000 after buying an additional 67,506 shares during the last quarter. 54.85% of the stock is currently owned by institutional investors and hedge funds.

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.