Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Buys 50,536 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 50,536 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were purchased at an average cost of $0.85 per share, with a total value of $42,955.60. Following the acquisition, the insider owned 18,842,007 shares in the company, valued at $16,015,705.95. This trade represents a 0.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Optimum Communications Price Performance

OPTU traded down $0.01 during trading on Friday, hitting $1.01. 1,474,975 shares of the stock traded hands, compared to its average volume of 2,295,386. Optimum Communications, Inc. has a twelve month low of $0.58 and a twelve month high of $2.79. The company has a market cap of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20. The business has a 50 day moving average price of $1.01 and a 200 day moving average price 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 the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion during the quarter. On average, equities research analysts predict that Optimum Communications, Inc. will post -0.82 earnings per share for the current year.

Institutional Investors Weigh In On Optimum Communications

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

Analysts Set New Price Targets

OPTU has been the topic of several research analyst reports. Barclays reduced their price objective on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Weiss Ratings cut shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 13th. BNP Paribas Exane upgraded shares of Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. UBS Group decreased their price target on shares of Optimum Communications from $2.00 to $1.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Finally, Evercore set a $1.25 price objective on shares of Optimum Communications in a research report on Tuesday, May 12th. Six research analysts have rated the stock with a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target 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.