Neil Subin Purchases 120,958 Shares of Optimum Communications (NYSE:OPTU) Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 120,958 shares of Optimum Communications stock in a transaction on Friday, July 31st. The stock was acquired at an average cost of $0.74 per share, for a total transaction of $89,508.92. Following the purchase, the insider owned 17,500,000 shares of the company’s stock, valued at approximately $12,950,000. This represents a 0.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Price Performance

Shares of Optimum Communications stock opened at $1.01 on Friday. The firm has a market cap of $276.66 million, a P/E ratio of -0.10 and a beta of 1.20. The firm has a 50 day simple moving average of $1.01 and a 200 day simple moving average of $1.20. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings results 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 company had revenue of $2.02 billion for the quarter. On average, sell-side analysts expect that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Institutional Investors Weigh In On Optimum Communications

Several large investors have recently made changes to their positions in OPTU. Voleon Capital Management LP bought a new position in shares of Optimum Communications in the 3rd quarter valued at about $31,000. Morningstar Investment Management LLC bought a new stake in shares of Optimum Communications in the 3rd quarter valued at about $39,000. Cibc World Markets Corp bought a new stake in shares of Optimum Communications in the 4th quarter valued at about $29,000. Xponance LLC acquired a new stake in Optimum Communications in the 4th quarter valued at about $34,000. Finally, Mariner LLC acquired a new stake in Optimum Communications in the 4th quarter valued at about $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

Optimum Communications News Roundup

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 issued reports on OPTU shares. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the company from $1.50 to $0.50 in a research note on Friday, May 15th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group set a $1.00 price objective on Optimum Communications in a research report on Friday, May 8th. Wells Fargo & Company lowered their target price on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research note on Tuesday, August 11th. Finally, Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average 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.