William Blair Investment Management LLC Cuts Stake in CardConnect Corp. (CCN)
William Blair Investment Management LLC reduced its stake in shares of CardConnect Corp. (NASDAQ:CCN) by 7.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 688,045 shares of the business services provider’s stock after selling 51,908 shares during the period. William Blair Investment Management LLC owned approximately 2.36% of CardConnect Corp. worth $9,082,000 at the end of the most recent quarter.
Separately, Blair William & Co. IL increased 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 last quarter. 31.59% of the stock is currently owned by institutional investors and hedge funds.
Shares of CardConnect Corp. (CCN) opened at 15.00 on Thursday. The stock has a 50 day moving average price of $14.40 and a 200 day moving average price of $13.62. CardConnect Corp. has a 12-month low of $8.14 and a 12-month high of $15.25. The stock’s market capitalization is $467.82 million.
CardConnect Corp. (NASDAQ:CCN) last posted its earnings results 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 company had revenue of $156.65 million for the quarter, compared to analyst estimates of $41.10 million. On average, equities analysts anticipate that CardConnect Corp. will post $0.45 earnings per share for the current fiscal year.
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CCN has been the subject of a number of analyst reports. Zacks Investment Research cut CardConnect Corp. from a “hold” rating to a “sell” rating in a research note on Monday, April 17th. Cantor Fitzgerald raised their price objective on CardConnect Corp. from $12.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, February 27th. Piper Jaffray Companies raised their price objective on CardConnect Corp. from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, March 13th. Finally, Craig Hallum lowered CardConnect Corp. from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a report on Tuesday, May 30th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $16.17.
CardConnect Corp. Company Profile
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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