Cantaloupe (NASDAQ:CTLP) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Cantaloupe, Inc. (NASDAQ:CTLP) shares recently crossed above their 200-day moving average at $9.80, trading as high as $10.61.
• Multiple brokerages, including Benchmark and Northland Capital Markets, have downgraded the stock from "buy" to "hold," reflecting concerns over its performance.
• Institutional investors significantly increased their holdings in Cantaloupe, with Magnetar Financial growing its position by over 10,000% in the second quarter.

Shares of Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $9.80 and traded as high as $10.61. Cantaloupe shares last traded at $10.59, with a volume of 532,297 shares.

Wall Street Analyst Weigh In

A number of brokerages have commented on CTLP. Benchmark lowered shares of Cantaloupe from a "buy" rating to a "hold" rating in a report on Tuesday, June 17th. Northland Capmk lowered shares of Cantaloupe from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 17th. B. Riley lowered shares of Cantaloupe from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $11.50 to $11.20 in a report on Tuesday, June 17th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cantaloupe in a report on Wednesday, October 8th. Finally, Craig Hallum lowered shares of Cantaloupe from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 17th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $12.55.

Cantaloupe Trading Up 0.2%

The company has a current ratio of 1.86, a quick ratio of 1.30 and a debt-to-equity ratio of 0.15. The business's 50-day moving average is $10.78 and its two-hundred day moving average is $9.80. The firm has a market cap of $776.99 million, a P/E ratio of 13.41 and a beta of 1.07.

Insider Buying and Selling at Cantaloupe

In related news, CTO Gaurav Singal sold 14,544 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $10.61, for a total transaction of $154,311.84. Following the completion of the sale, the chief technology officer owned 25,989 shares of the company's stock, valued at $275,743.29. This represents a 35.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cantaloupe

A number of institutional investors have recently modified their holdings of the business. Magnetar Financial LLC grew its position 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 during the last quarter. Beryl Capital Management LLC bought a new position in Cantaloupe in the 2nd quarter worth about $27,709,000. Alliancebernstein L.P. grew its position 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 during the last quarter. Disciplined Growth Investors Inc. MN grew its position 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 during the last quarter. Finally, Alpine Associates Management Inc. bought a new position in Cantaloupe in the 2nd quarter worth about $12,053,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.