Zacks Investment Research Lowers CardConnect Corp (CCN) to Sell

Zacks Investment Research lowered shares of CardConnect Corp (NASDAQ:CCN) from a hold rating to a sell rating in a report released on Monday, April 17th.

According to Zacks, “CardConnect Corp. provides payment processing and technology solutions primarily in the United States. The company offers CardPointe, a reporting and transaction management portal which provides mobile, terminal and integrated payment solutions; CardSecure, a gateway integrated with the Oracle, SAP and JD Edwards ERP systems which secures transactions through data breach protection and PCI scope reduction. It serves small-to-midsize businesses, related mobile app as well as enterprise-level organizations. CardConnect Corp. is headquartered in King of Prussia, Pennsylvania. “

A number of other analysts have also issued reports on CCN. Cantor Fitzgerald restated an overweight rating and issued a $17.00 price target on shares of CardConnect Corp in a research note on Monday, March 13th. BTIG Research lifted their price target on shares of CardConnect Corp from $14.00 to $17.00 and gave the stock a buy rating in a research note on Wednesday, January 18th. Piper Jaffray Companies lifted their price target on shares of CardConnect Corp from $14.00 to $16.00 and gave the stock an overweight rating in a research note on Monday, March 13th. William Blair restated an outperform rating on shares of CardConnect Corp in a research note on Friday, January 6th. Finally, Craig Hallum started coverage on shares of CardConnect Corp in a report on Monday, February 13th. They issued a buy rating for the company. Seven research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of Buy and an average price target of $15.80.

Shares of CardConnect Corp (NASDAQ:CCN) traded up 0.36% during trading on Monday, hitting $13.90. 85,372 shares of the stock were exchanged. The company’s market cap is $404.82 million. CardConnect Corp has a one year low of $8.14 and a one year high of $14.65. The stock’s 50 day moving average price is $13.71 and its 200-day moving average price is $12.68.

CardConnect Corp (NASDAQ:CCN) last issued its quarterly earnings results on Wednesday, May 10th. The business services provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by $0.02. The company had revenue of $156.65 million for the quarter, compared to analyst estimates of $41.10 million. On average, analysts predict that CardConnect Corp will post $0.38 EPS for the current year.

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Several institutional investors have recently made changes to their positions in the stock. RK Capital Management LLC purchased a new position in shares of CardConnect Corp during the first quarter valued at about $6,640,000. Vanguard Group Inc. increased its position in shares of CardConnect Corp by 10.4% in the first quarter. Vanguard Group Inc. now owns 470,058 shares of the business services provider’s stock valued at $6,205,000 after buying an additional 44,154 shares during the period. Blair William & Co. IL increased its position in shares of CardConnect Corp by 39.2% in the first quarter. Blair William & Co. IL now owns 375,740 shares of the business services provider’s stock valued at $4,977,000 after buying an additional 105,845 shares during the period. Renaissance Technologies LLC increased its position in shares of CardConnect Corp by 170.8% in the first quarter. Renaissance Technologies LLC now owns 134,579 shares of the business services provider’s stock valued at $1,776,000 after buying an additional 84,879 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of CardConnect Corp by 121.1% in the first quarter. Geode Capital Management LLC now owns 49,277 shares of the business services provider’s stock valued at $650,000 after buying an additional 26,989 shares during the period. 27.97% of the stock is owned by institutional investors.

About CardConnect Corp

CardConnect Corp., formerly FinTech Acquisition Corp., is a holding company. The Company holds interests in CardConnect, LLC. The Company is a provider of payment processing solutions to merchants throughout the United States. The Company’s segments include Merchant Acquiring Services and Other. The Company’s platform allows it to provide payment solutions, customer support and tools for its distribution partners and merchants.

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