Optimum Communications (NYSE:OPTU) Stock: Insider Neil Subin Buys 63,624 Shares

Key Points

• Major shareholder Neil Subin bought 63,624 OPTU shares at an average price of $0.61, spending approximately $38,811. His stake rose 0.29% to 21.78 million shares.
• Optimum Communications shares gained 10% to $0.73, but remain well below their 52-week high of $2.28. The company recently reported a quarterly loss of $0.67 per share, missing estimates by $0.50.
• Analyst sentiment remains weak, with a consensus “Reduce” rating and a $0.92 price target; four analysts rate the stock Sell and five rate it Hold.

Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) major shareholder Neil Subin bought 63,624 shares of the company's stock in a transaction dated Friday, October 23rd. The shares were purchased at an average price of $0.61 per share, with a total value of $38,810.64. Following the completion of the acquisition, the insider owned 21,777,316 shares of the company's stock, valued at $13,284,162.76. This trade represents a 0.29% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed 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 Trading Up 10.0%

Shares of OPTU stock traded up $0.07 during midday trading on Monday, reaching $0.73. 4,970,012 shares of the stock were exchanged, compared to its average volume of 3,164,736. Optimum Communications, Inc. has a 1 year low of $0.48 and a 1 year high of $2.28. The firm has a market cap of $197.70 million, a PE ratio of -0.07 and a beta of 1.17. The company's 50 day moving average is $0.96 and its two-hundred day moving average is $1.21.

Optimum Communications (NYSE:OPTU - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $2.02 billion during the quarter. As a group, equities analysts expect that Optimum Communications, Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OPTU shares. Zacks Research cut Optimum Communications from a "hold" rating to a "strong sell" rating in a report on Monday, August 31st. Weiss Ratings downgraded shares of Optimum Communications from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, October 14th. Wall Street Zen downgraded Optimum Communications from a "sell" rating to a "strong sell" rating in a research report on Sunday, July 26th. Finally, Wells Fargo & Company dropped their price objective 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. Five equities research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $0.92.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OPTU. Pinnacle Associates Ltd. purchased a new position in shares of Optimum Communications during the third quarter worth $53,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Optimum Communications in the 1st quarter valued at $54,000. Cidel Asset Management Inc. lifted its stake in Optimum Communications by 139.7% during the 2nd quarter. Cidel Asset Management Inc. now owns 58,484 shares of the company's stock worth $85,000 after acquiring an additional 34,084 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Optimum Communications during the 2nd quarter worth about $86,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Optimum Communications by 541.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 69,744 shares of the company's stock valued at $91,000 after acquiring an additional 58,873 shares during the period. 54.85% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.