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.
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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