Cantaloupe (NASDAQ:CTLP) Shares Up 9.8% After Better-Than-Expected Earnings

Cantaloupe, Inc. (NASDAQ:CTLP) traded up 9.8% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $9.56 and last traded at $9.52. 206,859 shares changed hands during trading, a decline of 22% from the average session volume of 266,784 shares. The stock had previously closed at $8.67.

The technology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Cantaloupe had a net margin of 4.90% and a return on equity of 7.53%. During the same quarter in the previous year, the company posted $0.04 earnings per share.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Barrington Research reaffirmed an “outperform” rating and issued a $12.00 price target on shares of Cantaloupe in a research report on Monday. Benchmark raised their price target on shares of Cantaloupe from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Northland Securities upped their price objective on Cantaloupe from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Monday, November 11th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTLP. The Manufacturers Life Insurance Company increased its position in Cantaloupe by 15.4% during the second quarter. The Manufacturers Life Insurance Company now owns 24,079 shares of the technology company’s stock valued at $159,000 after acquiring an additional 3,210 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Cantaloupe by 4.1% in the fourth quarter. Rhumbline Advisers now owns 80,973 shares of the technology company’s stock worth $770,000 after purchasing an additional 3,221 shares during the period. New York State Common Retirement Fund boosted its holdings in 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 worth $75,000 after buying an additional 3,400 shares during the period. Quarry LP purchased a new stake in Cantaloupe in the 3rd quarter worth $26,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Cantaloupe by 0.8% during 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 acquiring an additional 3,888 shares during the period. Institutional investors own 75.75% of the company’s stock.

Cantaloupe Stock Up 7.1 %

The company has a debt-to-equity ratio of 0.19, a current ratio of 1.60 and a quick ratio of 1.03. The company has a 50-day moving average price of $8.94 and a 200 day moving average price of $8.21. The firm has a market capitalization of $677.71 million, a PE ratio of 55.63 and a beta of 1.64.

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.