Raffles Associates LP lifted its stake in Otelco Inc (NASDAQ:OTEL) by 50.0% during the third quarter, Holdings Channel reports. The firm owned 30,000 shares of the technology company’s stock after purchasing an additional 10,000 shares during the period. Raffles Associates LP’s holdings in Otelco were worth $522,000 at the end of the most recent quarter.
Separately, BlackRock Inc. grew its holdings in shares of Otelco by 930.7% in the second quarter. BlackRock Inc. now owns 8,359 shares of the technology company’s stock worth $125,000 after purchasing an additional 7,548 shares during the last quarter. Hedge funds and other institutional investors own 10.42% of the company’s stock.
Shares of NASDAQ OTEL traded up $0.05 during mid-day trading on Thursday, reaching $16.20. The company had a trading volume of 3,109 shares, compared to its average volume of 8,870. The company has a current ratio of 1.13, a quick ratio of 0.91 and a debt-to-equity ratio of 8.31. The stock has a market cap of $54.89 million, a PE ratio of 7.40 and a beta of 0.59. Otelco Inc has a 52 week low of $12.10 and a 52 week high of $17.75.
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Otelco Company Profile
Otelco Inc provides a range of telecommunications services on a retail and wholesale basis. Otelco Inc, together with its subsidiaries, provides a range of telecommunication services on a retail and wholesale basis. It offers local services, including voice access lines that provide local dial tone and calling features, such as caller identification, call waiting, call forwarding, and voicemail; long distance services; billing and collection services for other carriers under contract; directory advertising services; and other telephone related services comprising leasing, selling, installing, and maintaining customer premise telecommunications equipment, as well as the publication of local telephone directories and wireline voice telephone services.
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