Cantaloupe (NASDAQ:CTLP) Stock Price Up 6.2% - Here's Why

Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report)'s share price shot up 6.2% during mid-day trading on Thursday . The stock traded as high as $8.76 and last traded at $8.74. 300,898 shares were traded during mid-day trading, a decline of 31% from the average session volume of 436,148 shares. The stock had previously closed at $8.23.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CTLP. Wall Street Zen downgraded shares of Cantaloupe from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Barrington Research reaffirmed an "outperform" rating and issued a $14.00 target price on shares of Cantaloupe in a research report on Wednesday, May 21st. Finally, Benchmark raised their target price on Cantaloupe from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $12.50.

Cantaloupe Stock Performance

The stock has a market capitalization of $649.49 million, a P/E ratio of 44.45 and a beta of 1.09. The firm has a 50-day moving average of $8.04 and a 200 day moving average of $8.70. The company has a quick ratio of 1.12, a current ratio of 1.81 and a debt-to-equity ratio of 0.19.

Cantaloupe (NASDAQ:CTLP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The technology company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The company had revenue of $75.43 million for the quarter, compared to the consensus estimate of $79.83 million. Cantaloupe had a net margin of 5.40% and a return on equity of 8.36%. Research analysts anticipate that Cantaloupe, Inc. will post 0.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers increased its holdings in Cantaloupe by 4.1% during the 4th quarter. Rhumbline Advisers now owns 80,973 shares of the technology company's stock valued at $770,000 after purchasing an additional 3,221 shares in the last quarter. Truist Financial Corp acquired a new position in Cantaloupe in the fourth quarter worth $111,000. New York State Common Retirement Fund raised its holdings in shares of Cantaloupe by 75.8% in the fourth quarter. New York State Common Retirement Fund now owns 7,884 shares of the technology company's stock valued at $75,000 after buying an additional 3,400 shares during the last quarter. Parkside Financial Bank & Trust bought a new position in shares of Cantaloupe in the fourth quarter valued at about $47,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cantaloupe by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 479,346 shares of the technology company's stock valued at $4,559,000 after buying an additional 3,888 shares during the last quarter. 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.