WideOpenWest (NYSE:WOW) Issues Earnings Results

Key Points

• WideOpenWest reported quarterly earnings of (-$0.22) EPS, missing analysts' estimates by $0.07 as it experienced a negative net margin of 9.32%.
• The company's stock price rose to $3.41 despite the earnings miss, while Institutional investors hold 87.77% of its shares.
• Recent analyst ratings show a downgrade from "hold" to "sell," with a price target reduction from $7.50 to $6.50.

WideOpenWest (NYSE:WOW - Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.07), Zacks reports. WideOpenWest had a negative net margin of 10.70% and a negative return on equity of 32.26%. The company had revenue of $144.20 million for the quarter, compared to the consensus estimate of $143.62 million.

WideOpenWest Price Performance

Shares of WideOpenWest stock traded up $0.02 on Friday, reaching $5.08. 201,955 shares of the stock were exchanged, compared to its average volume of 695,326. The firm's 50 day moving average is $3.92 and its 200-day moving average is $4.29. WideOpenWest has a one year low of $3.06 and a one year high of $5.80. The company has a debt-to-equity ratio of 5.71, a quick ratio of 0.66 and a current ratio of 0.64. The firm has a market cap of $435.28 million, a PE ratio of -6.42 and a beta of 1.24.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WOW. UBS Group reissued a "neutral" rating and set a $5.20 price target (up from $4.80) on shares of WideOpenWest in a research report on Tuesday. Benchmark lowered shares of WideOpenWest from a "buy" rating to a "hold" rating in a research note on Tuesday. Finally, Wall Street Zen lowered shares of WideOpenWest from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th.

Hedge Funds Weigh In On WideOpenWest

Institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased its position in WideOpenWest by 14.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,959 shares of the company's stock valued at $89,000 after acquiring an additional 2,706 shares during the period. Marshall Wace LLP acquired a new stake in WideOpenWest in the second quarter worth $103,000. XTX Topco Ltd acquired a new stake in WideOpenWest in the second quarter worth $200,000. Brevan Howard Capital Management LP grew its holdings in WideOpenWest by 15.1% in the second quarter. Brevan Howard Capital Management LP now owns 68,793 shares of the company's stock worth $279,000 after purchasing an additional 9,015 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of WideOpenWest by 3.8% in the second quarter. Rhumbline Advisers now owns 78,476 shares of the company's stock valued at $319,000 after buying an additional 2,874 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

About WideOpenWest

WideOpenWest, Inc provides high speed data, cable television, and digital telephony services to residential and business services customers in the United States. The company's video services include basic cable services that comprise local broadcast television and local community programming; digital cable services; WOW tv+ that offers traditional cable video and cloud DVR functionality, voice remote with Google Assistant, and Netflix integration along with access to various streaming services and apps through the Google Play Store; and commercial-free movies, TV shows, sports, and other special event entertainment programs.