Zacks Investment Research downgraded shares of Planet Payment, Inc. (NASDAQ:PLPM) from a hold rating to a sell rating in a research report report published on Wednesday morning.
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 (NASDAQ:PLPM) opened at 4.39 on Wednesday. The stock has a market cap of $216.15 million, a P/E ratio of 9.67 and a beta of 0.62. Planet Payment has a 12 month low of $2.75 and a 12 month high of $4.64. The stock has a 50 day moving average price of $4.07 and a 200 day moving average price of $3.77.
Planet Payment (NASDAQ:PLPM) last posted its earnings results on Wednesday, August 9th. The credit services provider reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. The firm had revenue of $12.50 million for the quarter, compared to the consensus estimate of $13.56 million. Planet Payment had a net margin of 48.14% and a return on equity of 25.86%. Planet Payment’s revenue was down 4.6% compared to the same quarter last year. Equities analysts anticipate that Planet Payment will post $0.17 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of PLPM. Teachers Advisors LLC increased its position in Planet Payment by 25.6% during the fourth quarter. Teachers Advisors LLC now owns 124,100 shares of the credit services provider’s stock worth $506,000 after buying an additional 25,257 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Planet Payment by 7.2% in the first quarter. Russell Investments Group Ltd. now owns 363,759 shares of the credit services provider’s stock valued at $1,448,000 after purchasing an additional 24,380 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Planet Payment by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 134,519 shares of the credit services provider’s stock valued at $536,000 after purchasing an additional 3,511 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Planet Payment in the first quarter valued at about $183,000. Finally, American International Group Inc. grew its position in shares of 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 purchasing an additional 1,729 shares during the last quarter. 50.64% of the stock is currently owned by hedge funds and other institutional investors.
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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