Cantaloupe (NASDAQ:CTLP) Stock Price Down 9.2% - Here's Why

Cantaloupe, Inc. (NASDAQ:CTLP - Get Free Report) was down 9.2% during mid-day trading on Tuesday . The stock traded as low as $7.61 and last traded at $7.75. Approximately 228,698 shares were traded during trading, a decline of 36% from the average daily volume of 358,612 shares. The stock had previously closed at $8.53.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CTLP shares. Benchmark increased their price target on shares of Cantaloupe from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. Barrington Research raised their target price on Cantaloupe from $12.00 to $14.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th.

Cantaloupe Stock Performance

The business's 50 day simple moving average is $9.15 and its 200 day simple moving average is $8.70. The company has a current ratio of 1.81, a quick ratio of 1.12 and a debt-to-equity ratio of 0.19. The company has a market cap of $561.35 million, a P/E ratio of 38.45 and a beta of 1.64.

Cantaloupe (NASDAQ:CTLP - Get Free Report) last issued its earnings results on Thursday, February 6th. The technology company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Cantaloupe had a net margin of 5.40% and a return on equity of 8.36%. During the same period in the prior year, the company posted $0.04 earnings per share. Sell-side analysts predict that Cantaloupe, Inc. will post 0.32 earnings per share for the current fiscal year.

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Hedge Funds Weigh In On Cantaloupe

Several hedge funds have recently modified their holdings of CTLP. Quarry LP purchased a new stake in shares of Cantaloupe in the third quarter worth about $26,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Cantaloupe in the 4th quarter worth about $40,000. Parkside Financial Bank & Trust purchased a new stake in shares of Cantaloupe during the 4th quarter valued at about $47,000. New York State Common Retirement Fund lifted its holdings in shares of Cantaloupe by 75.8% in the 4th quarter. New York State Common Retirement Fund now owns 7,884 shares of the technology company's stock valued at $75,000 after acquiring an additional 3,400 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Cantaloupe in the fourth quarter worth about $77,000. Hedge funds and other 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.