Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) major shareholder Neil Subin acquired 50,536 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average cost of $0.85 per share, with a total value of $42,955.60. Following the completion of the purchase, the insider directly owned 18,842,007 shares in the company, valued at $16,015,705.95. This represents a 0.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major 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 opened at $1.01 on Friday. The firm has a market capitalization of $276.66 million, a price-to-earnings ratio of -0.10 and a beta of 1.20. Optimum Communications, Inc. has a fifty-two week low of $0.58 and a fifty-two week high of $2.79. The stock's fifty day moving average is $1.01 and its two-hundred day moving average is $1.20.
Optimum Communications (NYSE:OPTU - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.50). The business had revenue of $2.02 billion for the quarter. As a group, sell-side analysts forecast that Optimum Communications, Inc. will post -0.82 EPS for the current fiscal year.
Analyst Ratings Changes
OPTU has been the topic of a number of analyst reports. Evercore set a $1.25 price objective on Optimum Communications in a research note on Tuesday, May 12th. Wells Fargo & Company cut their target price on shares of Optimum Communications from $1.00 to $0.75 and set an "underweight" rating for the company in a research note on Tuesday, August 11th. Weiss Ratings upgraded shares of Optimum Communications from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday. Wall Street Zen cut shares of Optimum Communications from a "sell" rating to a "strong sell" rating in a research note on Sunday, July 26th. Finally, BNP Paribas Exane upgraded shares of Optimum Communications from an "underperform" rating to a "neutral" rating in a report on Tuesday, June 2nd. Six equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Optimum Communications has a consensus rating of "Reduce" and an average target price of $0.92.
Get Our Latest Analysis on OPTU
Institutional Investors Weigh In On Optimum Communications
Several hedge funds have recently modified their holdings of the stock. Voleon Capital Management LP purchased a new stake in Optimum Communications in the third quarter valued at approximately $31,000. Morningstar Investment Management LLC acquired a new position in Optimum Communications during the third quarter worth approximately $39,000. Cibc World Markets Corp purchased a new position in Optimum Communications during the fourth quarter worth approximately $29,000. Xponance LLC purchased a new position in Optimum Communications during the fourth quarter worth approximately $34,000. Finally, Mariner LLC acquired a new position in shares of Optimum Communications in the 4th quarter valued at $39,000. 54.85% of the stock is owned by institutional investors and hedge funds.
Key Optimum Communications News
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.
Optimum Communications Company Profile
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Get Free Report)
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.
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