Key Points
- Major shareholder Neil Subin purchased 2.16 million shares of Optimum Communications at $0.52 each, investing approximately $1.13 million and increasing his stake by 11.07% to 21.7 million shares.
- Optimum shares opened at $0.73, with a market capitalization of about $197.7 million, but the company reported a quarterly loss of $0.67 per share—well below the expected $0.17 loss.
- Analyst sentiment remains negative: the stock carries an average “Reduce” rating, a $0.92 price target, and several recent downgrades to “Sell” or “Strong Sell.”
Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) major shareholder Neil Subin purchased 63,624 shares of the business's stock in a transaction that occurred on Friday, October 23rd. The stock was bought at an average cost of $0.61 per share, for a total transaction of $38,810.64. Following the completion of the acquisition, the insider directly owned 21,777,316 shares in the company, valued at $13,284,162.76. The trade was a 0.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.
Optimum Communications Stock Performance
OPTU opened at $0.73 on Tuesday. Optimum Communications, Inc. has a fifty-two week low of $0.48 and a fifty-two week high of $2.28. The firm has a 50-day moving average of $0.96 and a 200 day moving average of $1.21. The firm has a market cap of $197.70 million, a P/E ratio of -0.07 and a beta of 1.17.
Optimum Communications (NYSE:OPTU - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.67) 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. Equities research analysts predict that Optimum Communications, Inc. will post -0.83 earnings per share for the current fiscal year.
Analysts Set New Price Targets
OPTU has been the subject of several research analyst reports. 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. Weiss Ratings cut shares of Optimum Communications from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, October 14th. Wells Fargo & Company dropped their price objective on Optimum Communications from $1.00 to $0.75 and set an "underweight" rating on the stock in a research note on Tuesday, August 11th. Finally, Zacks Research lowered Optimum Communications from a "hold" rating to a "strong sell" rating in a report on Monday, August 31st. Five equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $0.92.
View Our Latest Analysis on Optimum Communications
Institutional Investors Weigh In On Optimum Communications
Large investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP lifted its holdings in Optimum Communications by 32.0% during the second quarter. Corient Private Wealth LP now owns 278,520 shares of the company's stock valued at $404,000 after purchasing an additional 67,506 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Optimum Communications during the second quarter worth about $86,000. Engineers Gate Manager LP boosted its position in Optimum Communications by 2,392.3% during the second quarter. Engineers Gate Manager LP now owns 266,771 shares of the company's stock worth $387,000 after purchasing an additional 256,067 shares during the period. Cidel Asset Management Inc. increased its stake in shares of Optimum Communications by 139.7% in the second quarter. Cidel Asset Management Inc. now owns 58,484 shares of the company's stock worth $85,000 after purchasing an additional 34,084 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Optimum Communications by 4.2% in the first quarter. Bank of America Corp DE now owns 1,082,376 shares of the company's stock worth $1,407,000 after purchasing an additional 43,279 shares in the last quarter. Hedge funds and other institutional investors own 54.85% of the company's stock.
About Optimum Communications
(
Get Free Report)
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.
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