Planet Payment, Inc. (PLPM) Downgraded to Hold at Northland Securities
Northland Securities cut shares of Planet Payment, Inc. (NASDAQ:PLPM) to a hold rating in a research note published on Sunday. They currently have $4.50 price target on the credit services provider’s stock.
A number of other equities research analysts have also recently weighed in on PLPM. Lake Street Capital cut shares of Planet Payment from a buy rating to a hold rating and dropped their price target for the company from $5.00 to $4.50 in a research report on Friday. Craig Hallum cut shares of Planet Payment from a buy rating to a hold rating in a research report on Friday. Barrington Research cut shares of Planet Payment from an outperform rating to an underperform rating in a research report on Friday. Finally, Zacks Investment Research cut shares of Planet Payment from a hold rating to a sell rating in a research report on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $4.50.
Planet Payment (NASDAQ PLPM) remained flat at $4.47 during midday trading on Friday. 1,531,622 shares of the stock were exchanged. Planet Payment has a 52 week low of $2.75 and a 52 week high of $4.64. The stock has a market capitalization of $220.09 million, a P/E ratio of 9.85 and a beta of 0.62. The stock’s 50-day moving average price is $4.19 and its 200-day moving average price is $3.79.
Planet Payment (NASDAQ:PLPM) last announced its quarterly earnings results on Wednesday, August 9th. The credit services provider reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Planet Payment had a net margin of 48.14% and a return on equity of 25.86%. The business had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $13.56 million. Planet Payment’s quarterly revenue was down 4.6% on a year-over-year basis. On average, analysts expect that Planet Payment will post $0.17 earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in PLPM. Boston Partners acquired a new position in shares of Planet Payment in the second quarter valued at approximately $955,000. Dimensional Fund Advisors LP grew its holdings in shares of Planet Payment by 17.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,128,486 shares of the credit services provider’s stock valued at $3,724,000 after purchasing an additional 168,041 shares in the last quarter. Fondren Management LP acquired a new position in shares of Planet Payment in the second quarter valued at approximately $512,000. Bridge City Capital LLC acquired a new position in shares of Planet Payment in the second quarter valued at approximately $506,000. Finally, P.A.W. Capital Corp grew its holdings in shares of Planet Payment by 30.5% in the second quarter. P.A.W. Capital Corp now owns 620,000 shares of the credit services provider’s stock valued at $2,046,000 after purchasing an additional 145,000 shares in the last quarter. Hedge funds and other institutional investors own 47.34% of the company’s stock.
Planet Payment Company Profile
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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