Zacks Investment Research Upgrades Planet Payment, Inc. (PLPM) to “Hold”

Planet Payment, Inc. (NASDAQ:PLPM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Planet Payment, Inc. is a provider of international payment processing and multi-currency processing services. It operates in two segments: processing solutions and merchant solutions. The company’s processing solutions include secure payment processing, multi-currency authorization and capture processing, clearing and settlement, acquirer reconciliation and reporting, POS, banking ATMs services and risk management services. Its Merchant solutions comprises of multi-currency payment solutions; online payment solutions designed for e-commerce, MICROS payment gateway, POS solutions, payments reporting, data analytics services and global merchant solutions, as well as fraud and security services. It offers its services primarily to Asia Pacific region, North America, Latin America, the Middle East, Africa, and Europe. Planet Payment, Inc. is headquartered in Long Beach, New York. “

Shares of Planet Payment (PLPM) opened at 3.61 on Tuesday. The firm has a 50 day moving average price of $3.52 and a 200-day moving average price of $3.97. Planet Payment has a 52 week low of $2.75 and a 52 week high of $4.97. The firm has a market capitalization of $176.59 million, a P/E ratio of 8.19 and a beta of 0.66.

Planet Payment (NASDAQ:PLPM) last issued its quarterly earnings data on Tuesday, May 9th. The credit services provider reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Planet Payment had a net margin of 46.33% and a return on equity of 28.86%. The company had revenue of $12.73 million during the quarter, compared to analysts’ expectations of $13.76 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The firm’s revenue was down 6.9% compared to the same quarter last year. Equities research analysts predict that Planet Payment will post $0.17 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of PLPM. Acrospire Investment Management LLC raised its position in Planet Payment by 36.6% in the first quarter. Acrospire Investment Management LLC now owns 25,128 shares of the credit services provider’s stock valued at $100,000 after buying an additional 6,733 shares during the last quarter. American International Group Inc. raised its position in Planet Payment by 7.1% in the first quarter. American International Group Inc. now owns 26,075 shares of the credit services provider’s stock valued at $104,000 after buying an additional 1,729 shares during the last quarter. SpiderRock Advisors LLC acquired a new position in Planet Payment during the second quarter valued at approximately $111,000. Bard Associates Inc. raised its position in Planet Payment by 13.9% in the first quarter. Bard Associates Inc. now owns 45,050 shares of the credit services provider’s stock valued at $179,000 after buying an additional 5,500 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Planet Payment during the first quarter valued at approximately $183,000. Institutional investors and hedge funds own 53.80% of the company’s stock.

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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