Planet Payment, Inc. (PLPM) Lowered to “Underperform” at Barrington Research

Barrington Research downgraded shares of Planet Payment, Inc. (NASDAQ:PLPM) from an outperform rating to an underperform rating in a research note published on Friday, Marketbeat.com reports.

A number of other brokerages have also issued reports on PLPM. Zacks Investment Research lowered Planet Payment from a hold rating to a sell rating in a research report on Wednesday, October 4th. Northland Securities reissued a buy rating and issued a $4.50 target price on shares of Planet Payment in a research report on Thursday, October 12th. Finally, Lake Street Capital lowered Planet Payment from a buy rating to a hold rating and cut their target price for the company from $5.00 to $4.50 in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $4.67.

Planet Payment (NASDAQ PLPM) opened at 4.47 on Friday. Planet Payment has a 52 week low of $2.75 and a 52 week high of $4.64. The company has a 50-day moving average price of $4.21 and a 200 day moving average price of $3.79. The company has a market cap of $220.09 million, a PE ratio of 9.85 and a beta of 0.62.

Planet Payment (NASDAQ:PLPM) last announced its earnings results on Wednesday, August 9th. The credit services provider reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. The company had revenue of $12.50 million for the quarter, compared to analyst estimates of $13.56 million. Planet Payment had a return on equity of 25.86% and a net margin of 48.14%. The company’s revenue was down 4.6% on a year-over-year basis. On average, equities research analysts forecast that Planet Payment will post $0.17 EPS for the current fiscal year.

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Several institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its position 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 acquiring an additional 4,500 shares during the period. Vanguard Group Inc. increased its position in shares of Planet Payment by 0.8% during the second quarter. Vanguard Group Inc. now owns 1,456,983 shares of the credit services provider’s stock worth $4,808,000 after acquiring an additional 11,432 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Planet Payment by 17.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,128,486 shares of the credit services provider’s stock worth $3,724,000 after acquiring an additional 168,041 shares during the period. Renaissance Technologies LLC increased its position in shares of Planet Payment by 4.1% during the first quarter. Renaissance Technologies LLC now owns 834,400 shares of the credit services provider’s stock worth $3,321,000 after acquiring an additional 32,800 shares during the period. Finally, P.A.W. Capital Corp increased its position in shares of Planet Payment by 4.8% during the third quarter. P.A.W. Capital Corp now owns 650,000 shares of the credit services provider’s stock worth $2,789,000 after acquiring an additional 30,000 shares during the period. 47.34% of the stock is currently 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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