Craig Hallum cut shares of Planet Payment, Inc. (NASDAQ:PLPM) from a buy rating to a hold rating in a research report sent to investors on Friday morning, The Fly reports.
A number of other equities research analysts have also recently commented on the company. Zacks Investment Research raised Planet Payment from a sell rating to a hold rating in a research note on Tuesday, July 18th. Northland Securities reaffirmed a buy rating and set a $4.50 price objective on shares of Planet Payment in a research note on Thursday, October 12th. Barrington Research cut Planet Payment from an outperform rating to an underperform rating in a research note on Friday. Finally, Lake Street Capital cut Planet Payment from a buy rating to a hold rating and decreased their price objective for the stock from $5.00 to $4.50 in a research note on Friday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $4.50.
Shares of Planet Payment (PLPM) opened at 4.47 on Friday. The stock’s 50 day moving average price is $4.19 and its 200 day moving average price is $3.79. The stock has a market capitalization of $220.09 million, a P/E ratio of 9.85 and a beta of 0.62. Planet Payment has a one year low of $2.75 and a one year high of $4.64.
Planet Payment (NASDAQ:PLPM) last released its earnings results on Wednesday, August 9th. The credit services provider reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The company had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $13.56 million. Planet Payment had a return on equity of 25.86% and a net margin of 48.14%. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, analysts forecast that Planet Payment will post $0.17 EPS for the current year.
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Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in shares of Planet Payment by 40.9% during the first quarter. Goldman Sachs Group Inc. now owns 48,458 shares of the credit services provider’s stock worth $193,000 after purchasing an additional 14,066 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Planet Payment by 5.8% during the first quarter. Dimensional Fund Advisors LP now owns 960,445 shares of the credit services provider’s stock worth $3,823,000 after purchasing an additional 52,766 shares during the period. White Pine Capital LLC grew its stake in shares of Planet Payment by 8.5% during the second quarter. White Pine Capital LLC now owns 479,225 shares of the credit services provider’s stock worth $1,581,000 after purchasing an additional 37,625 shares during the period. Wellington Management Group LLP grew its stake in shares of Planet Payment by 0.3% during the first quarter. Wellington Management Group LLP now owns 1,563,041 shares of the credit services provider’s stock worth $6,221,000 after purchasing an additional 4,500 shares during the period. Finally, SpiderRock Advisors LLC acquired a new stake in shares of Planet Payment during the second quarter worth $111,000. 47.34% of the stock is owned by institutional investors and hedge funds.
About Planet Payment
Planet Payment, Inc is a provider of international payment and transaction processing and multi-currency processing services. The Company operates through two segments: multi-currency processing services and payment processing services. Its multi-currency processing services segment includes Pay In Your Currency, Multi-Currency Pricing and Dynamic Currency Conversion at automated teller machines, enable merchants to offer customized pricing in multiple currencies.
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