Neil Subin Purchases 129,808 Shares of Optimum Communications (NYSE:OPTU) Stock

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

Optimum Communications Stock Down 0.5%

OPTU stock opened at $1.01 on Friday. The stock has a market capitalization 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 firm has a 50 day moving average of $1.01 and a 200 day moving average of $1.20.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data 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 firm had revenue of $2.02 billion during the quarter. On average, equities research analysts expect that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on OPTU shares. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. The Goldman Sachs Group set a $1.00 price target on shares of Optimum Communications in a report on Friday, May 8th. Weiss Ratings raised Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. Finally, Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Optimum Communications presently has an average rating of “Reduce” and a consensus target price of $0.92.

Hedge Funds Weigh In On Optimum Communications

Large investors have recently added to or reduced their stakes in the stock. Cibc World Markets Corp purchased a new position in Optimum Communications during the fourth quarter valued at $29,000. Voleon Capital Management LP acquired a new position in shares of Optimum Communications during the 3rd quarter worth about $31,000. Cidel Asset Management Inc. acquired a new position in shares of Optimum Communications during the 1st quarter worth about $32,000. Xponance LLC acquired a new position in shares of Optimum Communications during the 4th quarter worth about $34,000. Finally, Morningstar Investment Management LLC purchased a new position in Optimum Communications in the 3rd quarter valued at about $39,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

More 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.

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.