Optimum Communications (NYSE:OPTU) Major Shareholder Neil Subin Purchases 129,808 Shares

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 129,808 shares of the business’s stock in a transaction dated Wednesday, July 29th. The shares were bought at an average cost of $0.76 per share, for a total transaction of $98,654.08. Following the transaction, the insider directly owned 16,646,763 shares of the company’s stock, valued at approximately $12,651,539.88. This trade represents a 0.79% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Trading Down 0.5%

Shares of NYSE OPTU opened at $1.01 on Friday. The stock has a market cap of $276.66 million, a P/E ratio of -0.10 and a beta of 1.20. The business’s fifty day simple moving average is $1.01 and its 200-day simple moving average is $1.20. Optimum Communications, Inc. has a 12-month low of $0.58 and a 12-month high of $2.79.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on OPTU shares. Weiss Ratings upgraded shares of Optimum Communications from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday. Evercore set a $1.25 price target on Optimum Communications in a research note on Tuesday, May 12th. Wall Street Zen downgraded Optimum Communications from a “sell” rating to a “strong sell” rating in a report on Sunday, July 26th. Wells Fargo & Company lowered 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. Finally, BNP Paribas Exane upgraded Optimum Communications from an “underperform” rating to a “neutral” rating in a report on Tuesday, June 2nd. Six analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Optimum Communications has an average rating of “Reduce” and an average price target of $0.92.

Institutional Trading of Optimum Communications

A number of large investors have recently made changes to their positions in OPTU. Vanguard Group Inc. purchased a new stake in Optimum Communications in the fourth quarter valued at approximately $46,002,000. Empyrean Capital Partners LP acquired a new stake in Optimum Communications during the 4th quarter worth $41,297,000. Deutsche Bank AG acquired a new position in Optimum Communications in the fourth quarter valued at $27,135,000. Millennium Management LLC purchased a new position in shares of Optimum Communications during the fourth quarter worth about $24,478,000. Finally, Redwood Capital Management LLC purchased a new position in shares of Optimum Communications during the fourth quarter worth about $13,512,000. 54.85% of the stock is owned by institutional investors and hedge funds.

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.

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.