Cantaloupe (NASDAQ:CTLP) Shares Down 4.8% – Here’s Why

Cantaloupe, Inc. (NASDAQ:CTLP)’s share price traded down 4.8% during mid-day trading on Wednesday . The stock traded as low as $8.94 and last traded at $8.94. 228,148 shares were traded during trading, a decline of 33% from the average session volume of 342,410 shares. The stock had previously closed at $9.39.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CTLP. Benchmark lifted their price target on Cantaloupe from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Craig Hallum dropped their price objective on Cantaloupe from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Northland Securities boosted their target price on Cantaloupe from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Barrington Research restated an “outperform” rating and set a $10.00 price target on shares of Cantaloupe in a research note on Monday, November 4th.

Cantaloupe Price Performance

The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.60. The company has a market capitalization of $660.56 million, a PE ratio of 53.24 and a beta of 1.68. The company’s 50-day simple moving average is $8.63 and its 200-day simple moving average is $7.45.

Cantaloupe (NASDAQ:CTLP) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $70.84 million for the quarter, compared to analyst estimates of $70.54 million. Cantaloupe had a return on equity of 7.53% and a net margin of 4.90%. During the same quarter last year, the company posted $0.02 earnings per share. As a group, sell-side analysts anticipate that Cantaloupe, Inc. will post 0.32 earnings per share for the current year.

Insider Activity

In other Cantaloupe news, CEO Ravi Venkatesan acquired 8,000 shares of the stock in a transaction on Friday, September 13th. The shares were bought at an average price of $6.30 per share, with a total value of $50,400.00. Following the acquisition, the chief executive officer now owns 136,658 shares of the company’s stock, valued at $860,945.40. This trade represents a 6.22 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas Bergeron bought 36,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were acquired at an average price of $7.41 per share, for a total transaction of $266,760.00. Following the transaction, the director now directly owns 462,319 shares in the company, valued at $3,425,783.79. This trade represents a 8.44 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 57,866 shares of company stock valued at $416,302. Company insiders own 6.30% of the company’s stock.

Institutional Trading of Cantaloupe

Several hedge funds have recently modified their holdings of the business. Virtu Financial LLC purchased a new position in Cantaloupe in the third quarter worth $156,000. Barclays PLC increased its holdings in shares of Cantaloupe by 272.2% in the 3rd quarter. Barclays PLC now owns 113,920 shares of the technology company’s stock valued at $843,000 after purchasing an additional 83,316 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Cantaloupe by 3.5% in the third quarter. Geode Capital Management LLC now owns 1,366,034 shares of the technology company’s stock valued at $10,111,000 after purchasing an additional 46,518 shares during the period. Disciplined Growth Investors Inc. MN boosted its holdings in Cantaloupe by 0.4% during the third quarter. Disciplined Growth Investors Inc. MN now owns 1,608,375 shares of the technology company’s stock worth $11,902,000 after buying an additional 7,114 shares in the last quarter. Finally, XTX Topco Ltd boosted its holdings in Cantaloupe by 98.4% during the third quarter. XTX Topco Ltd now owns 34,350 shares of the technology company’s stock worth $254,000 after buying an additional 17,040 shares in the last quarter. 75.75% of the stock is owned by institutional investors and hedge funds.

About Cantaloupe

Cantaloupe, Inc, a digital payments and software services company, provides technology solutions for self-service commerce market. The company offers integrated solutions for payments processing, logistics, and back-office management. It also provides G11 cashless and pulse kits that are 4G LTE digital payment devices for payment and consumer engagement applications; G11 chip kit, a digital reader that accepts contact EMV and contactless EMV payment methods; Engage series comprising Engage and Engage Combo, which are digital touchscreen devices that offers networking, security, and interactivity payment methods; and card touchscreen card readers, including P66, P100, P100Pro, and P30.