Cantaloupe, Inc. (NASDAQ:CTLP) Sees Large Growth in Short Interest

Key Points

• Cantaloupe, Inc. (NASDAQ:CTLP) experienced a significant increase in short interest, rising to 5.1 million shares by mid-August, a 31.8% increase from the end of July.
• Several brokerages have downgraded Cantaloupe's stock ratings, with the consensus rating now at "Hold" and a price target of $12.24, down from previous higher ratings.
• Institutional investors and hedge funds hold approximately 75.75% of Cantaloupe's stock, indicating strong institutional support despite recent downgrades.

Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report) saw a large growth in short interest in August. As of August 15th, there was short interest totaling 5,100,000 shares, agrowthof31.8% from the July 31st total of 3,870,000 shares. Based on an average daily trading volume, of 2,130,000 shares, the short-interest ratio is presently 2.4 days. Currently,7.5% of the company's stock are sold short. Currently,7.5% of the company's stock are sold short. Based on an average daily trading volume, of 2,130,000 shares, the short-interest ratio is presently 2.4 days.

Analyst Ratings Changes

Several brokerages recently issued reports on CTLP. Benchmark lowered Cantaloupe from a "buy" rating to a "hold" rating in a research report on Tuesday, June 17th. B. Riley downgraded Cantaloupe from a "buy" rating to a "neutral" rating and dropped their price target for the company from $11.50 to $11.20 in a research note on Tuesday, June 17th. Craig Hallum downgraded Cantaloupe from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 17th. William Blair downgraded Cantaloupe from an "outperform" rating to a "market perform" rating in a research note on Monday, June 16th. Finally, Wall Street Zen downgraded Cantaloupe from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $12.24.

Cantaloupe Price Performance

Shares of Cantaloupe stock opened at $10.80 on Tuesday. The business has a 50 day simple moving average of $10.98 and a two-hundred day simple moving average of $9.45. Cantaloupe has a 12 month low of $5.82 and a 12 month high of $11.36. The stock has a market capitalization of $791.17 million, a P/E ratio of 13.66 and a beta of 1.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.79 and a quick ratio of 1.22.

Hedge Funds Weigh In On Cantaloupe

Hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC raised its holdings in shares of Cantaloupe by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 16,449 shares of the technology company's stock valued at $156,000 after acquiring an additional 5,412 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Cantaloupe by 3.4% during the first quarter. Rhumbline Advisers now owns 83,698 shares of the technology company's stock valued at $659,000 after acquiring an additional 2,725 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Cantaloupe by 8.2% during the fourth quarter. Ameriprise Financial Inc. now owns 93,280 shares of the technology company's stock valued at $887,000 after acquiring an additional 7,083 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Cantaloupe during the fourth quarter valued at approximately $821,000. Finally, Nuveen Asset Management LLC raised its holdings in shares of Cantaloupe by 102.7% during the fourth quarter. Nuveen Asset Management LLC now owns 900,201 shares of the technology company's stock valued at $8,561,000 after acquiring an additional 456,199 shares during the last quarter. Institutional investors and hedge funds own 75.75% of the company's stock.

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.

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