Cantaloupe (NASDAQ:CTLP) Sees Large Volume Increase - Should You Buy?

Key Points

• Cantaloupe, Inc. (NASDAQ:CTLP) experienced a significant trading volume increase of 97%, with approximately 2,070,842 shares traded on Friday.
• Multiple analysts have downgraded Cantaloupe's rating recently, with B. Riley lowering its price target from $11.50 to $11.20 and Barrington Research changing its rating from "strong-buy" to "strong sell."
• The company reported earnings of $0.08 per share for the last quarter, missing estimates, with total revenue of $75.43 million compared to an expected $79.83 million.

Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report) saw an uptick in trading volume on Friday . 2,070,842 shares traded hands during mid-day trading, an increase of 97% from the previous session's volume of 1,049,202 shares.The stock last traded at $10.97 and had previously closed at $11.08.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CTLP. B. Riley cut Cantaloupe from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $11.50 to $11.20 in a research note on Tuesday, June 17th. Craig Hallum cut Cantaloupe from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 17th. William Blair cut Cantaloupe from an "outperform" rating to a "market perform" rating in a research note on Monday, June 16th. Barrington Research cut Cantaloupe from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, June 16th. Finally, Wall Street Zen cut Cantaloupe from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Cantaloupe presently has an average rating of "Hold" and an average price target of $12.24.

Cantaloupe Stock Performance

The stock has a market capitalization of $803.61 million, a price-to-earnings ratio of 13.88 and a beta of 1.18. The firm has a fifty day moving average of $10.75 and a 200 day moving average of $9.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.79 and a quick ratio of 1.22.

Institutional Trading of Cantaloupe

Several hedge funds and other institutional investors have recently bought and sold shares of CTLP. JPMorgan Chase & Co. grew its holdings in Cantaloupe by 220.5% during the fourth quarter. JPMorgan Chase & Co. now owns 356,973 shares of the technology company's stock worth $3,395,000 after acquiring an additional 245,579 shares during the period. ExodusPoint Capital Management LP acquired a new stake in Cantaloupe during the fourth quarter worth about $119,000. Invesco Ltd. grew its holdings in Cantaloupe by 1,768.2% in the fourth quarter. Invesco Ltd. now owns 397,299 shares of the technology company's stock valued at $3,778,000 after purchasing an additional 376,033 shares during the period. Renaissance Technologies LLC grew its holdings in Cantaloupe by 18.8% in the fourth quarter. Renaissance Technologies LLC now owns 95,300 shares of the technology company's stock valued at $906,000 after purchasing an additional 15,100 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Cantaloupe in the fourth quarter valued at approximately $908,000. 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.