Insider Buying: Optimum Communications (NYSE:OPTU) Major Shareholder Buys $1,125,479.16 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin bought 2,164,383 shares of the stock in a transaction on Thursday, October 22nd. The stock was purchased at an average price of $0.52 per share, with a total value of $1,125,479.16. Following the completion of the acquisition, the insider directly owned 21,713,692 shares in the company, valued at approximately $11,291,119.84. This trade represents a 11.07% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Optimum Communications Stock Performance

Shares of Optimum Communications stock traded up $0.07 during trading on Monday, hitting $0.73. 4,970,012 shares of the stock traded hands, compared to its average volume of 3,164,736. Optimum Communications, Inc. has a 52-week low of $0.48 and a 52-week high of $2.28. The stock’s fifty day simple moving average is $0.96 and its 200 day simple moving average is $1.21.

Optimum Communications (NYSE:OPTU) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.50). The company had revenue of $2.02 billion during the quarter. On average, equities research analysts expect that Optimum Communications, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating for the company in a research report on Tuesday, August 11th. Wall Street Zen downgraded shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Zacks Research lowered shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Monday, August 31st. Finally, Weiss Ratings downgraded shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, October 14th. Five research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, Optimum Communications has a consensus rating of “Reduce” and a consensus price target of $0.92.

Hedge Funds Weigh In On Optimum Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in OPTU. Carronade Capital Management LP lifted its position in shares of Optimum Communications by 9.3% during the first quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company’s stock valued at $8,546,000 after buying an additional 558,000 shares during the last quarter. Helix Partners Management LP boosted its holdings in shares of Optimum Communications by 36.0% in the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock valued at $2,210,000 after buying an additional 450,000 shares in the last quarter. Readystate Asset Management LP grew its position in shares of Optimum Communications by 23.7% in the 1st quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock worth $1,600,000 after buying an additional 235,559 shares during the last quarter. Bank of America Corp DE grew its position in shares of Optimum Communications by 4.2% in the 1st quarter. Bank of America Corp DE now owns 1,082,376 shares of the company’s stock worth $1,407,000 after buying an additional 43,279 shares during the last quarter. Finally, Corient Private Wealth LP grew its position in shares of Optimum Communications by 32.0% in the 2nd quarter. Corient Private Wealth LP now owns 278,520 shares of the company’s stock worth $404,000 after buying an additional 67,506 shares during the last quarter. Hedge funds and other institutional investors own 54.85% of the company’s stock.

Optimum Communications Company Profile

Optimum Communications, Inc provides broadband communications and entertainment services to residential and business customers under the Optimum brand. Its offerings include high-speed internet, traditional and streaming television services, home phone, mobile connectivity, and related digital products.

The company also serves business and enterprise customers with internet access, voice services, managed communications, data networking, and other connectivity solutions. In addition, Optimum provides local and regional advertising services that allow businesses to reach targeted audiences through its television and digital platforms.

Optimum Communications was formerly known as Altice USA, Inc and adopted the Optimum Communications name as part of its broader focus on the Optimum brand.