Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $541,886.46 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 732,279 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was purchased at an average cost of $0.74 per share, with a total value of $541,886.46. Following the acquisition, the insider directly owned 17,379,042 shares of the company’s stock, valued at $12,860,491.08. This trade represents a 4.40% increase in their ownership of the stock. The purchase was disclosed in a 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 Trading Down 0.5%

OPTU stock traded down $0.01 during trading on Friday, reaching $1.01. The stock had a trading volume of 1,474,975 shares, compared to its average volume of 2,295,386. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79. The stock’s 50 day moving average is $1.01 and its two-hundred day moving average is $1.20. The firm has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20.

Optimum Communications (NYSE:OPTU) last announced its earnings results 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 -0.82 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. purchased a new position in shares of Optimum Communications during the 4th quarter valued at about $46,002,000. Empyrean Capital Partners LP purchased a new stake in Optimum Communications in the 4th quarter worth approximately $41,297,000. Deutsche Bank AG purchased a new stake in Optimum Communications in the 4th quarter worth approximately $27,135,000. Millennium Management LLC purchased a new stake in Optimum Communications in the 4th quarter worth approximately $24,478,000. Finally, Redwood Capital Management LLC bought a new stake in Optimum Communications during the 4th quarter worth approximately $13,512,000. Institutional investors own 54.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on OPTU shares. Evercore set a $1.25 price objective on shares of Optimum Communications in a report on Tuesday, May 12th. Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. Wells Fargo & Company decreased their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research report on Tuesday, August 11th. UBS Group dropped their price target on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Finally, Barclays cut their price objective 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. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Optimum Communications has a consensus rating of “Reduce” and a consensus target price of $0.92.

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.