Optimum Communications (NYSE:OPTU) Stock: Insider Neil Subin Purchases 2,164,383 Shares

Key Points

• Major shareholder Neil Subin bought 2,164,383 shares of Optimum Communications at an average price of $0.52, investing approximately $1.13 million and increasing his stake by 11.07% to 21.7 million shares.
• OPTU shares traded at $0.73, near the company’s 12-month low of $0.48 and below its 50-day and 200-day moving averages. The company also reported a quarterly EPS loss of $0.67, missing estimates by $0.50.
• Analyst sentiment remains weak, with a consensus “Reduce” rating and an average price target of $0.92; four analysts rate the stock a Sell and five rate it Hold.

Optimum Communications, Inc. (NYSE:OPTU - Get Free Report) major shareholder Neil Subin bought 2,164,383 shares of the business's stock in a transaction dated Thursday, October 22nd. The shares were bought at an average cost of $0.52 per share, for a total transaction of $1,125,479.16. Following the transaction, the insider owned 21,713,692 shares in the company, valued at approximately $11,291,119.84. The trade was a 11.07% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Optimum Communications Stock Performance

NYSE:OPTU traded up $0.07 during midday trading on Monday, hitting $0.73. 4,970,012 shares of the company traded hands, compared to its average volume of 3,164,736. The firm's fifty day moving average is $0.96 and its 200-day moving average is $1.21. Optimum Communications, Inc. has a 12-month low of $0.48 and a 12-month high of $2.28.

Optimum Communications (NYSE:OPTU - Get Free Report) last posted 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. On average, sell-side analysts anticipate that Optimum Communications, Inc. will post -0.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

OPTU has been the topic 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 reduced their price objective on shares of Optimum Communications from $1.00 to $0.75 and set an "underweight" rating on the stock 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. Finally, Zacks Research lowered Optimum Communications from a "hold" rating to a "strong sell" rating in a research report on Monday, August 31st. Five analysts have rated the stock with a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and an average target price of $0.92.

Institutional Trading of Optimum Communications

Several institutional investors and hedge funds have recently made changes to their positions in the business. Carronade Capital Management LP increased its stake in Optimum Communications by 9.3% in the 1st quarter. Carronade Capital Management LP now owns 6,573,682 shares of the company's stock worth $8,546,000 after buying an additional 558,000 shares during the period. Helix Partners Management LP boosted its position 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 valued at $2,210,000 after buying an additional 450,000 shares during the period. Engineers Gate Manager LP boosted its position 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 valued at $387,000 after buying an additional 256,067 shares during the period. Readystate Asset Management LP grew its stake in 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 acquiring an additional 235,559 shares in the last quarter. Finally, Corient Private Wealth LLC bought a new position in Optimum Communications in the 4th quarter worth about $348,000. 54.85% of the stock is currently owned by institutional investors.

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.

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