CardConnect Corp. (CCN) Expected to Post Earnings of $0.10 Per Share
Wall Street analysts expect that CardConnect Corp. (NASDAQ:CCN) will announce earnings of $0.10 per share for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for CardConnect Corp.’s earnings. The highest EPS estimate is $0.11 and the lowest is $0.09. The business is scheduled to announce its next earnings report on Wednesday, August 9th.
According to Zacks, analysts expect that CardConnect Corp. will report full-year earnings of $0.39 per share for the current fiscal year, with EPS estimates ranging from $0.33 to $0.47. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that follow CardConnect Corp..
CardConnect Corp. (NASDAQ:CCN) last announced its quarterly earnings data on Wednesday, May 10th. The business services provider reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.02. The firm had revenue of $156.65 million for the quarter, compared to analysts’ expectations of $41.10 million.
A number of analysts recently issued reports on the company. Zacks Investment Research upgraded CardConnect Corp. from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Tuesday, May 16th. Craig Hallum downgraded CardConnect Corp. from a “buy” rating to a “hold” rating and set a $15.00 price target for the company. in a research report on Tuesday, May 30th. Cowen and Company downgraded CardConnect Corp. from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $17.00 to $15.00 in a research report on Tuesday, May 30th. Finally, Piper Jaffray Companies raised their price target on CardConnect Corp. from $14.00 to $16.00 and gave the stock an “overweight” rating in a research report on Monday, March 13th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $16.17.
Shares of CardConnect Corp. (NASDAQ CCN) remained flat at $15.05 during midday trading on Friday. The company 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 firm’s 50-day moving average price is $14.69 and its 200-day moving average price is $13.83. The stock’s market cap is $469.38 million.
A number of hedge funds have recently modified their holdings of CCN. Renaissance Technologies LLC increased its stake in 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. UBS Group AG acquired a new stake in CardConnect Corp. during the first quarter valued at $616,000. Vanguard Group Inc. increased its stake in 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. Laurion Capital Management LP acquired a new stake in CardConnect Corp. during the first quarter valued at $220,000. Finally, Spark Investment Management LLC acquired a new stake in CardConnect Corp. during the first quarter valued at $227,000. 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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