Optimum Communications (NYSE:OPTU) Major Shareholder Acquires $142,520.13 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 171,711 shares of Optimum Communications stock in a transaction that occurred on Monday, August 24th. The shares were purchased at an average cost of $0.83 per share, with a total value of $142,520.13. Following the purchase, the insider owned 19,548,909 shares of the company’s stock, valued at $16,225,594.47. This represents a 0.89% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Optimum Communications Stock Performance

Optimum Communications stock traded down $0.01 during midday trading on Friday, reaching $1.01. 1,474,975 shares of the stock were exchanged, compared to its average volume of 2,295,386. The company’s fifty day moving average is $1.01 and its 200-day moving average is $1.20. The firm has a market cap of $276.66 million, a PE ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a 52 week low of $0.58 and a 52 week high of $2.79.

Optimum Communications (NYSE:OPTU) last posted its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. On average, sell-side analysts anticipate that Optimum Communications, Inc. will post -0.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

OPTU has been the subject of several recent analyst reports. Weiss Ratings cut Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 13th. Barclays lowered their price target on Optimum Communications from $2.00 to $1.00 and set an “equal weight” rating on the stock in a report on Friday, May 8th. Evercore set a $1.25 price target on Optimum Communications in a research report on Tuesday, May 12th. UBS Group cut their price objective on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Finally, Citigroup cut shares of Optimum Communications from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $1.50 to $0.50 in a research report on Friday, May 15th. Six analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $0.92.

Institutional Trading of Optimum Communications

A number of hedge funds have recently made changes to their positions in the stock. Cibc World Markets Corp purchased a new position in Optimum Communications in the fourth quarter worth $29,000. Voleon Capital Management LP bought a new stake in Optimum Communications during the third quarter worth about $31,000. Cidel Asset Management Inc. bought a new stake in Optimum Communications during the first quarter worth about $32,000. Xponance LLC purchased a new position in shares of Optimum Communications in the 4th quarter worth about $34,000. Finally, Morningstar Investment Management LLC purchased a new position in shares of Optimum Communications in the 3rd quarter worth about $39,000. 54.85% of the stock is owned by institutional investors.

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.