Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $1,084,835.64 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 1,291,471 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was purchased at an average price of $0.84 per share, for a total transaction of $1,084,835.64. Following the completion of the acquisition, the insider owned 18,791,471 shares of the company’s stock, valued at approximately $15,784,835.64. This trade represents a 7.38% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Major 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%

NYSE:OPTU opened at $1.01 on Monday. Optimum Communications, Inc. has a 1 year low of $0.58 and a 1 year high of $2.79. The stock has a market cap of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20. The stock has a 50-day moving average price of $1.01 and a two-hundred day moving average price of $1.20.

Optimum Communications (NYSE:OPTU) last issued 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 during the quarter. Sell-side analysts forecast that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Voleon Capital Management LP bought a new position in shares of Optimum Communications during the 3rd quarter worth approximately $31,000. Morningstar Investment Management LLC bought a new stake in Optimum Communications in the 3rd quarter valued at $39,000. Cibc World Markets Corp bought a new stake in Optimum Communications in the 4th quarter valued at $29,000. Xponance LLC acquired a new stake in Optimum Communications during the 4th quarter valued at $34,000. Finally, Mariner LLC acquired a new stake in Optimum Communications during the 4th quarter valued at $39,000. Institutional investors own 54.85% of the company’s stock.

Analyst Upgrades and Downgrades

OPTU has been the subject of a number of analyst reports. Barclays decreased 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. Evercore set a $1.25 price objective on shares of Optimum Communications in a research note on Tuesday, May 12th. Wells Fargo & Company lowered 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. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Finally, UBS Group lowered their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Six analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $0.92.

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.

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.