Optimum Communications (NYSE:OPTU) Major Shareholder Purchases 171,711 Shares of Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 171,711 shares of Optimum Communications stock in a transaction on Monday, August 24th. The shares were acquired at an average price of $0.83 per share, for a total transaction of $142,520.13. Following the completion of the transaction, the insider directly owned 19,548,909 shares of the company’s stock, valued at approximately $16,225,594.47. The trade was a 0.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Trading Down 0.5%

Shares of OPTU stock traded down $0.01 during trading hours on Friday, hitting $1.01. 1,474,975 shares of the company’s stock were exchanged, compared to its average volume of 2,295,386. The company has a market capitalization of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a 12-month low of $0.58 and a 12-month high of $2.79. The business’s 50 day simple moving average is $1.01 and its 200-day simple moving average is $1.20.

Optimum Communications (NYSE:OPTU) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. Equities analysts anticipate that Optimum Communications, Inc. will post -0.82 EPS for the current year.

Wall Street Analyst Weigh In

OPTU has been the topic of a number of recent research reports. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $1.50 to $0.50 in a research note on Friday, May 15th. The Goldman Sachs Group set a $1.00 target price on Optimum Communications in a research note on Friday, May 8th. BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a research report on Tuesday, June 2nd. Evercore set a $1.25 price target on Optimum Communications in a research note on Tuesday, May 12th. Finally, Wells Fargo & Company decreased their price target on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a research note on Tuesday, August 11th. Six investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Optimum Communications presently has an average rating of “Reduce” and an average target price of $0.92.

Institutional Investors Weigh In On Optimum Communications

A number of large investors have recently added to or reduced their stakes in OPTU. Cerberus Capital Management L.P. purchased a new stake in shares of Optimum Communications during the fourth quarter worth about $6,502,000. Vanguard Group Inc. bought a new stake in shares of Optimum Communications in the fourth quarter worth about $46,002,000. CastleKnight Management LP purchased a new position in Optimum Communications during the 4th quarter valued at about $8,422,000. Mount Capital Ltd purchased a new position in Optimum Communications during the 4th quarter valued at about $6,418,000. Finally, Empyrean Capital Partners LP bought a new position in Optimum Communications during the 4th quarter valued at approximately $41,297,000. Institutional investors own 54.85% of the company’s stock.

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.