Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $98,654.08 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 129,808 shares of the stock in a transaction dated Wednesday, July 29th. The shares were acquired at an average price of $0.76 per share, for a total transaction of $98,654.08. Following the completion of the purchase, the insider directly owned 16,646,763 shares in the company, valued at approximately $12,651,539.88. This trade represents a 0.79% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Performance

OPTU opened at $1.01 on Monday. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79. The firm has a 50-day moving average of $1.01 and a 200 day moving average of $1.20. The firm has a market cap of $276.66 million, a P/E ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last released its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. Equities research analysts predict that Optimum Communications, Inc. will post -0.82 earnings per share for the current fiscal year.

Trending Headlines about 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.

Institutional Investors Weigh In On Optimum Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cerberus Capital Management L.P. purchased a new position in Optimum Communications during the fourth quarter valued at approximately $6,502,000. Vanguard Group Inc. bought a new position in Optimum Communications in the 4th quarter valued at $46,002,000. CastleKnight Management LP purchased a new position in shares of Optimum Communications during the 4th quarter valued at $8,422,000. Empyrean Capital Partners LP bought a new position in shares of Optimum Communications in the fourth quarter worth $41,297,000. Finally, Mount Capital Ltd bought a new position in shares of Optimum Communications in the fourth quarter worth $6,418,000. 54.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on OPTU shares. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and dropped their price target for the company from $1.50 to $0.50 in a research report on Friday, May 15th. Evercore set a $1.25 price objective on shares of Optimum Communications in a report on Tuesday, May 12th. Barclays cut 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 report on Friday, May 8th. The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a research report on Friday, May 8th. Finally, BNP Paribas Exane raised shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Six equities research analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Optimum Communications presently has a consensus rating of “Reduce” and a consensus price target 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.