Neil Subin Buys 535,191 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 535,191 shares of Optimum Communications stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average price of $0.85 per share, with a total value of $454,912.35. Following the completion of the acquisition, the insider owned 19,377,198 shares in the company, valued at approximately $16,470,618.30. The trade was a 2.84% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Stock Down 0.5%

Shares of OPTU stock opened at $1.01 on Friday. Optimum Communications, Inc. has a 12 month low of $0.58 and a 12 month high of $2.79. The company has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. The business’s 50 day moving average is $1.01 and its two-hundred day moving average is $1.20.

Optimum Communications (NYSE:OPTU) last issued 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 for the quarter. As a group, equities analysts expect that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Trading of Optimum Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. bought a new position in shares of Optimum Communications during the 4th quarter worth about $46,002,000. Empyrean Capital Partners LP bought a new stake in shares of Optimum Communications in the fourth quarter valued at about $41,297,000. Deutsche Bank AG acquired a new stake in Optimum Communications during the fourth quarter worth about $27,135,000. Millennium Management LLC acquired a new stake in Optimum Communications during the fourth quarter worth about $24,478,000. Finally, Redwood Capital Management LLC bought a new position in Optimum Communications during the fourth quarter valued at about $13,512,000. 54.85% of the stock is currently owned by institutional investors and hedge funds.

Optimum Communications News Summary

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.

Analysts Set New Price Targets

A number of research analysts have weighed in on OPTU shares. Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Wells Fargo & Company cut their price objective on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research report on Tuesday, August 11th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research note on Tuesday, June 2nd. Finally, The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a report on Friday, May 8th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Optimum Communications presently has a consensus rating of “Reduce” and a consensus 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.