No reason has been handed out by Lionsgate to why the movie's release date was moved but speculations are the movie would have been going up against classic cartoon faves like Teenage Mutant Ninja Turtles 2 and the Ghostbusters reboot movie plus the comic book movies like Captain America: Civil War and Batman V Superman: Dawn of Justice.
And before this news was even announced, no director or cast has for the movie been announced since the original release. Dean Isrealite has been mentioned as a potential director, but has not been confirmed by Lionsgate or Saban Brands.
Source: The Wrap
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This was coming. Anytime a movie is pushed back like that means the studio has no confidence in the project and expects a modest return.
^Especially if it's pushed to a January release.
Now, there are some surprises like the Lego Movie, but those are few and far between, and so far there's nothing to suggest that the reboot could pull off the same trick.