Cantaloupe (NASDAQ:CTLP) Stock Price Down 9.2% – Here’s Why

Cantaloupe, Inc. (NASDAQ:CTLP)’s share price dropped 9.2% on Tuesday . The company traded as low as $7.61 and last traded at $7.75. Approximately 228,698 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 358,612 shares. The stock had previously closed at $8.53.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Benchmark upped their target price on shares of Cantaloupe from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Barrington Research boosted their target price on Cantaloupe from $12.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Northland Securities upped their price target on shares of Cantaloupe from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Monday, November 11th.

Cantaloupe Trading Down 5.2 %

The firm has a market cap of $590.49 million, a PE ratio of 40.18 and a beta of 1.64. The firm has a fifty day simple moving average of $9.25 and a two-hundred day simple moving average of $8.70. The company has a current ratio of 1.81, a quick ratio of 1.12 and a debt-to-equity ratio of 0.19.

Cantaloupe (NASDAQ:CTLP) last announced its quarterly earnings results on Thursday, February 6th. The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Cantaloupe had a return on equity of 8.36% and a net margin of 5.40%. During the same period last year, the business earned $0.04 earnings per share. Equities analysts forecast that Cantaloupe, Inc. will post 0.32 EPS for the current year.

Institutional Investors Weigh In On Cantaloupe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTLP. Quarry LP bought a new stake in shares of Cantaloupe during the 3rd quarter valued at $26,000. Harvest Fund Management Co. Ltd bought a new stake in Cantaloupe during the fourth quarter worth about $40,000. Parkside Financial Bank & Trust purchased a new stake in Cantaloupe in the fourth quarter worth about $47,000. New York State Common Retirement Fund increased its stake in shares of Cantaloupe by 75.8% during the fourth quarter. New York State Common Retirement Fund now owns 7,884 shares of the technology company’s stock valued at $75,000 after purchasing an additional 3,400 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of Cantaloupe in the 4th quarter worth approximately $77,000. 75.75% of the stock is owned by hedge funds and other institutional investors.

Cantaloupe Company Profile

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.