Cantaloupe (NASDAQ:CTLP) Sees Large Volume Increase - Still a Buy?

Key Points

• Cantaloupe, Inc. (NASDAQ:CTLP) experienced a significant increase in trading volume, with 3.35 million shares exchanged, marking a 172% rise compared to the prior session.
• Recent analyst ratings for Cantaloupe havebeen largely negative, with five firms downgrading the stock to a "hold" or lower, resulting in a consensus rating of "Hold" and a target price of $12.55.
• The company has a market capitalization of approximately $781 million and a price-to-earnings ratio of 13.47.

Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 3,351,133 shares traded hands during trading, an increase of 172% from the previous session's volume of 1,232,865 shares.The stock last traded at $10.66 and had previously closed at $10.84.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CTLP shares. William Blair lowered shares of 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 report on Monday, June 16th. Craig Hallum lowered Cantaloupe from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 17th. Benchmark cut Cantaloupe from a "buy" rating to a "hold" rating in a research note on Tuesday, June 17th. Finally, Northland Capmk lowered Cantaloupe from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 17th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $12.55.

Cantaloupe Stock Down 0.4%

The business's fifty day simple moving average is $10.93 and its two-hundred day simple moving average is $9.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.86 and a quick ratio of 1.30. The company has a market cap of $776.98 million, a PE ratio of 13.41 and a beta of 1.09.

Insider Transactions at Cantaloupe

In other Cantaloupe news, CTO Gaurav Singal sold 200,000 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $10.63, for a total transaction of $2,126,000.00. Following the transaction, the chief technology officer owned 40,533 shares in the company, valued at approximately $430,865.79. This represents a 83.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On Cantaloupe

A number of hedge funds have recently made changes to their positions in CTLP. Magnetar Financial LLC lifted its holdings 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 valued at $35,801,000 after purchasing an additional 3,225,853 shares in the last quarter. Beryl Capital Management LLC acquired a new position in Cantaloupe during the second quarter worth about $27,709,000. Alliancebernstein L.P. grew its stake in Cantaloupe by 3,808.0% during the 2nd quarter. Alliancebernstein L.P. now owns 1,740,226 shares of the technology company's stock valued at $19,125,000 after acquiring an additional 1,695,696 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its holdings 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 valued at $34,875,000 after acquiring an additional 1,191,748 shares during the last quarter. Finally, Alpine Associates Management Inc. purchased a new stake in shares of Cantaloupe during the 2nd quarter valued at approximately $12,053,000. Institutional investors and hedge funds own 75.75% of the company's stock.

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.