CardConnect Corp (CCN) Receives $16.17 Consensus Target Price from Analysts

CardConnect Corp (NASDAQ:CCN) has been assigned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $16.17.

Several analysts have recently weighed in on CCN shares. Zacks Investment Research lowered shares of CardConnect Corp from a “hold” rating to a “sell” rating in a research report on Monday, April 17th. Craig Hallum lowered shares of CardConnect Corp from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a research report on Tuesday, May 30th. Finally, Cowen and Company lowered shares of CardConnect Corp from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $17.00 to $15.00 in a research report on Tuesday, May 30th.

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Shares of CardConnect Corp (NASDAQ:CCN) remained flat at $15.05 during trading on Friday. The stock had a trading volume of 80,112 shares. CardConnect Corp has a one year low of $8.14 and a one year high of $15.25. The stock has a 50-day moving average of $14.69 and a 200 day moving average of $13.83.

Institutional investors have recently added to or reduced their stakes in the stock. Blair William & Co. IL raised its position in 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 worth $4,977,000 after buying an additional 105,845 shares during the period. Havens Advisors LLC purchased a new position in CardConnect Corp during the second quarter worth approximately $798,000. UBS Group AG purchased a new position in CardConnect Corp during the first quarter worth approximately $616,000. Kassirer Asset Management Corp purchased a new position in CardConnect Corp during the second quarter worth approximately $301,000. Finally, RK Capital Management LLC purchased a new position in CardConnect Corp during the first quarter worth approximately $6,640,000. Hedge funds and other institutional investors own 31.59% of the company’s stock.

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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