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

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin purchased 535,191 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were bought at an average cost of $0.85 per share, with a total value of $454,912.35. Following the transaction, the insider directly owned 19,377,198 shares of the company’s stock, valued at $16,470,618.30. The trade was a 2.84% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Price Performance

NYSE:OPTU traded down $0.01 during trading hours on Friday, reaching $1.01. 1,474,975 shares of the company were exchanged, compared to its average volume of 2,295,386. The firm has a market cap of $276.66 million, a price-to-earnings 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. The stock has a 50 day simple moving average of $1.01 and a 200 day simple moving average of $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 the consensus estimate of ($0.17) by ($0.50). The firm had revenue of $2.02 billion for the quarter. On average, analysts predict that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.

Analysts Set New Price Targets

OPTU has been the subject of a number of research reports. UBS Group lowered their price target on Optimum Communications from $2.00 to $1.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Wells Fargo & Company cut their price objective on Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a report on Tuesday, August 11th. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Citigroup cut Optimum Communications from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $1.50 to $0.50 in a report on Friday, May 15th. Finally, Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 26th. Six research 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.com, Optimum Communications has an average rating of “Reduce” and an average target price of $0.92.

Institutional Trading of Optimum Communications

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

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.