Short Interest in Cantaloupe, Inc. (NASDAQ:CTLP) Increases By 31.8%

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) was the target of a large increase in short interest in the month of August. As of August 15th, there was short interest totaling 5,100,000 shares, an increase of 31.8% from the July 31st total of 3,870,000 shares. Based on an average daily volume of 2,130,000 shares, the short-interest ratio is currently 2.4 days. Currently, 7.5% of the shares of the company are short sold. Currently, 7.5% of the shares of the company are short sold. Based on an average daily volume of 2,130,000 shares, the short-interest ratio is currently 2.4 days.

Institutional Trading of Cantaloupe

Several hedge funds have recently bought and sold shares of CTLP. Magnetar Financial LLC lifted its stake in Cantaloupe by 10,162.7% in the 2nd quarter. Magnetar Financial LLC now owns 3,257,595 shares of the technology company's stock worth $35,801,000 after purchasing an additional 3,225,853 shares in the last quarter. Beryl Capital Management LLC purchased a new stake in Cantaloupe in the 2nd quarter worth $27,709,000. Alliancebernstein L.P. lifted its stake in Cantaloupe by 3,808.0% in the 2nd quarter. Alliancebernstein L.P. now owns 1,740,226 shares of the technology company's stock worth $19,125,000 after purchasing an additional 1,695,696 shares in the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Cantaloupe by 60.1% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 3,173,351 shares of the technology company's stock worth $34,875,000 after purchasing an additional 1,191,748 shares in the last quarter. Finally, Alpine Associates Management Inc. purchased a new stake in Cantaloupe in the 2nd quarter worth $12,053,000. Hedge funds and other institutional investors own 75.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Northland Capmk downgraded shares of Cantaloupe from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 17th. William Blair downgraded shares of Cantaloupe from an "outperform" rating to a "market perform" rating in a research report on Monday, June 16th. Benchmark downgraded shares of Cantaloupe from a "buy" rating to a "hold" rating in a research report on Tuesday, June 17th. Wall Street Zen downgraded shares of Cantaloupe from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, B. Riley downgraded shares of Cantaloupe from a "buy" rating to a "neutral" rating and cut their price objective for the company from $11.50 to $11.20 in a research report on Tuesday, June 17th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $12.55.

Cantaloupe Stock Performance

Shares of CTLP remained flat at $10.80 during trading hours on Friday. 1,470,248 shares of the company were exchanged, compared to its average volume of 1,943,483. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.22 and a current ratio of 1.86. Cantaloupe has a 52 week low of $6.23 and a 52 week high of $11.36. The company's 50-day simple moving average is $10.96 and its 200-day simple moving average is $9.47. The company has a market capitalization of $792.40 million, a P/E ratio of 13.67 and a beta of 1.09.

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.