Why Cantaloupe Stock Dropped Today
Shares of Cantaloupe (NASDAQ: CTLP) fell as much as 12.9% early Thursday, then settled to close down 7.9% after the digital-payments and software-services company announced weaker-than-expected fiscal fourth-quarter 2023 earnings (for the period ended June 30, 2023).
Cantaloupe's headline numbers were technically mixed relative to consensus estimates. Quarterly revenue climbed 11% year over year, to $64.2 million, slightly above analysts' expectations calling for $63.4 million. On the bottom line, that translated to generally accepted accounting principles (GAAP) net income of $2.8 million, or $0.04 per share, improved from a loss of $0.03 per share in the same year-ago period but below consensus estimates for earnings of $0.06 per share.
Transaction fees comprised the bulk of Cantaloupe's top line, growing 18% year over year to $35.5 million during the quarter. Subscription fees also climbed 17% to $17.5 million, more than offsetting a 15% decline in equipment sales to $11.2 million.
Source Fool.com
Cantaloupe Inc. Stock
With 9 Buy predictions and not the single Sell prediction the community is currently very high on Cantaloupe Inc..
As a result the target price of 9 € shows a very positive potential of 52.54% compared to the current price of 5.9 € for Cantaloupe Inc..
