Cantaloupe, Inc. (NASDAQ:CTLP) Sees Significant Drop in Short Interest

Key Points

• Short interest fell 14.4% to 6,856,043 shares as of March 31 (about 10.0% of shares sold short), leaving a days-to-cover ratio of approximately 6.4 days based on average daily volume.
• Analyst sentiment is a consensus Hold with an average price target of $12.60; ratings mix includes one Buy, six Hold and one Sell, and Weiss Ratings recently upgraded the stock to a buy.
• Large investors are adding to positions — notably SG Americas increased its stake by 574.8% to 2,071,355 shares (~$22.4M) — and institutional ownership stands at about 75.75%.

Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totaling 6,856,043 shares, a decrease of 14.4% from the March 15th total of 8,005,202 shares. Currently, 10.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,067,257 shares, the days-to-cover ratio is presently 6.4 days.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Weiss Ratings raised shares of Cantaloupe from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 9th. Wall Street Zen raised shares of Cantaloupe to a "hold" rating in a research note on Saturday, February 21st. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $12.60.

Hedge Funds Weigh In On Cantaloupe

Several large investors have recently bought and sold shares of the business. SG Americas Securities LLC lifted its holdings in Cantaloupe by 574.8% in the first quarter. SG Americas Securities LLC now owns 2,071,355 shares of the technology company's stock valued at $22,391,000 after buying an additional 1,764,412 shares during the period. Hsbc Holdings PLC lifted its holdings in Cantaloupe by 7.7% in the fourth quarter. Hsbc Holdings PLC now owns 2,325,265 shares of the technology company's stock valued at $24,648,000 after buying an additional 165,535 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Cantaloupe by 514.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,766 shares of the technology company's stock valued at $29,000 after buying an additional 2,316 shares during the period. Virtu Financial LLC lifted its holdings in Cantaloupe by 59.2% in the fourth quarter. Virtu Financial LLC now owns 53,945 shares of the technology company's stock valued at $573,000 after buying an additional 20,062 shares during the period. Finally, Invesco Ltd. lifted its holdings in Cantaloupe by 20.5% in the fourth quarter. Invesco Ltd. now owns 91,586 shares of the technology company's stock valued at $973,000 after buying an additional 15,595 shares during the period. 75.75% of the stock is currently owned by institutional investors and hedge funds.

Cantaloupe Price Performance

Shares of CTLP traded down $0.02 during mid-day trading on Friday, hitting $10.83. 18,406 shares of the company traded hands, compared to its average volume of 1,266,879. Cantaloupe has a one year low of $7.24 and a one year high of $11.16. The company has a current ratio of 1.92, a quick ratio of 1.31 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average of $10.53 and a 200 day moving average of $10.60. The stock has a market capitalization of $798.02 million, a price-to-earnings ratio of 60.14 and a beta of 1.02.

Cantaloupe (NASDAQ:CTLP - Get Free Report) last released its quarterly earnings results on Friday, February 6th. The technology company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). Cantaloupe had a net margin of 17.32% and a return on equity of 8.76%. The company had revenue of $78.71 million for the quarter, compared to the consensus estimate of $84.92 million. As a group, equities analysts expect that Cantaloupe will post 0.32 earnings per share for the current fiscal year.

About Cantaloupe

Cantaloupe, Inc NASDAQ: CTLP, formerly known as USA Technologies, is a provider of cashless payment and point-of-sale solutions for the unattended retail market. The company develops and distributes IoT-enabled hardware and software that enable vending machines, kiosks, micro markets, laundry machines and other self-service devices to accept credit and debit cards, mobile wallets and contactless payments. Its ePort® terminals integrate with back-end systems to process transactions securely and comply with the latest EMV and PCI standards.

At the core of Cantaloupe’s offering is its cloud-based ePort Connect® platform, which facilitates real-time remote monitoring, device management and data analytics.

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