Cantaloupe’s Insiders Bought in Prior to Price Surge

Cantaloupe Inc. (CTLP:US), formerly USA Technologies, is a global leader in self-service commerce technology. Founded in 1992 and headquartered in Malvern, Pennsylvania, the company has a market capitalization of nearly $487.0 million. 

CTLP stock is up by 13.58% since the past year and is trading at $6.69. Analysts have recently given the stock a strong buy rating with a potential upside of 35.71%.

Insiders Stocking Up

On the 12 and 13 of February, two insiders at Cantaloupe bought CTLP shares:

• Director Lisa P. Baird bought 3,000 shares @ $6.25 per share.

• President/CEO Ravi Venkatesan bought 7,749 shares @ $6.45 per share.

Combined, both insiders invested $68,731in company stock. What makes this case distinctive is that the stock has seen a price surge since these purchases. Since Feb 13, CTLP stock is up by 7.73%.

Ravi Venkatesan, appointed CEO of Cantaloupe in September 2022, has extensive leadership experience within the company and a background in driving innovation in technology environments.

Lisa P. Baird, a board member since April 2020, brings significant marketing expertise from her roles in organizations like the National Women’s Soccer League and the US Olympic Committee.

Quarterly Results & Company Performance

On February 8, 2024, Cantaloupe disclosed its second quarter FY 2024 financial results. Revenue for the quarter hit $65.4 million, showing a 7% year-over-year increase. Breaking it down further showed that Transaction fees increased by 17% year over year to $37.9 million. 

Before the results' disclosure, Cantaloupe announced on February 1 that they had successfully acquired Cheq Lifestyle Technology, Inc. 

This acquisition allows Cantaloupe to broaden its footprint in the sports, entertainment, and dining industries through self-service solutions. CHEQ offers an advanced POS and mobile-first ordering platform to enhance fan experiences at stadiums, venues, festivals, and beyond. Ravi Venkatesan, CEO of Cantaloupe, Inc., highlighted the synergy between the two companies' product lines and solutions, expressing excitement about the growth potential.