TODAY, GRANITE INVESTMENT PARTNERS LLC BUYS 378,776 SHARES OF USA TECHNOLOGIES INC. (USAT)
November 28, 2016 Harold C. McSweeney
Granite Investment Partners LLC raised its stake in shares of USA Technologies Inc. (NASDAQ:USAT) by 217.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 552,894 shares of the company’s stock after buying an additional 378,776 shares during the period. Granite Investment Partners LLC owned approximately 1.44% of USA Technologies worth $3,099,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Cadence Capital Management LLC acquired a new stake in USA Technologies during the second quarter valued at approximately $299,000. California State Teachers Retirement System acquired a new stake in USA Technologies during the second quarter valued at approximately $321,000. Emerald Acquisition Ltd. acquired a new stake in USA Technologies during the second quarter valued at approximately $1,764,000. Orinda Asset Management LLC acquired a new stake in USA Technologies during the second quarter valued at approximately $1,278,000. Finally, Schwab Charles Investment Management Inc. purchased a new stake in shares of USA Technologies during the second quarter valued at approximately $241,000. 42.38% of the stock is owned by institutional investors and hedge funds.
Shares of USA Technologies Inc. (NASDAQ:USAT) traded down 2.33% during midday trading on Friday, hitting $4.20. 34,140 shares of the company traded hands. The stock’s market capitalization is $169.25 million. USA Technologies Inc. has a 12-month low of $2.69 and a 12-month high of $5.81. The stock’s 50-day moving average is $4.67 and its 200 day moving average is $4.68.
USA Technologies (NASDAQ:USAT) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.04. USA Technologies had a negative net margin of 11.69% and a negative return on equity of 3.92%. The firm had revenue of $21.60 million for the quarter, compared to the consensus estimate of $21.31 million. On average, analysts expect that USA Technologies Inc. will post ($0.02) earnings per share for the current year.
Separately, Zacks Investment Research downgraded shares of USA Technologies from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 15th.
