Optimum Communications (NYSE:OPTU) Major Shareholder Buys $38,810.64 in Stock

Optimum Communications, Inc. (NYSE:OPTU) major shareholder Neil Subin acquired 63,624 shares of the stock in a transaction dated Friday, October 23rd. The stock was bought at an average cost of $0.61 per share, with a total value of $38,810.64. Following the completion of the purchase, the insider owned 21,777,316 shares of the company’s stock, valued at approximately $13,284,162.76. The trade was a 0.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Optimum Communications Stock Up 7.2%

Shares of NYSE:OPTU opened at $0.65 on Thursday. The stock has a market cap of $177.52 million, a price-to-earnings ratio of -0.06 and a beta of 1.17. Optimum Communications, Inc. has a 12-month low of $0.48 and a 12-month high of $2.25. The business’s 50 day moving average is $0.94 and its 200 day moving average is $1.20.

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

Institutional Trading of Optimum Communications

Several hedge funds have recently made changes to their positions in OPTU. Carronade Capital Management LP boosted its position in Optimum Communications by 9.3% during the 1st 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 period. Helix Partners Management LP grew its holdings in Optimum Communications by 36.0% in the 1st quarter. Helix Partners Management LP now owns 1,700,000 shares of the company’s stock worth $2,210,000 after acquiring an additional 450,000 shares during the last quarter. Engineers Gate Manager LP grew its holdings in Optimum Communications by 2,392.3% in the 2nd quarter. Engineers Gate Manager LP now owns 266,771 shares of the company’s stock worth $387,000 after acquiring an additional 256,067 shares during the last quarter. Readystate Asset Management LP increased its position in shares of Optimum Communications by 23.7% in the first quarter. Readystate Asset Management LP now owns 1,230,769 shares of the company’s stock valued at $1,600,000 after acquiring an additional 235,559 shares during the period. Finally, Corient Private Wealth LLC purchased a new position in shares of Optimum Communications in the fourth quarter valued at about $348,000. 54.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OPTU has been the subject of several analyst reports. Weiss Ratings downgraded shares of Optimum Communications from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, October 14th. Wells Fargo & Company cut their price target on shares of Optimum Communications from $1.00 to $0.75 and set an “underweight” rating on the stock in a report on Tuesday, August 11th. Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a report on Monday, August 31st. Finally, Wall Street Zen lowered shares of Optimum Communications from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 26th. Five investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Optimum Communications has an average rating of “Reduce” and an average target price of $0.92.

About Optimum Communications

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.