Discovery Group I LLC Raises Holdings in Planet Payment, Inc. (PLPM)

Discovery Group I LLC boosted its position in shares of Planet Payment, Inc. (NASDAQ:PLPM) by 28.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 4,770,577 shares of the credit services provider’s stock after acquiring an additional 1,063,590 shares during the quarter. Planet Payment comprises about 7.8% of Discovery Group I LLC’s portfolio, making the stock its 8th largest position. Discovery Group I LLC owned about 9.54% of Planet Payment worth $20,466,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PLPM. American International Group Inc. lifted its position in Planet Payment by 7.1% during the 1st quarter. American International Group Inc. now owns 26,075 shares of the credit services provider’s stock worth $104,000 after acquiring an additional 1,729 shares during the period. TIAA CREF Investment Management LLC lifted its position in Planet Payment by 0.7% during the 1st quarter. TIAA CREF Investment Management LLC now owns 127,567 shares of the credit services provider’s stock worth $508,000 after acquiring an additional 900 shares during the period. Geode Capital Management LLC lifted its position in Planet Payment by 3.6% during the 1st quarter. Geode Capital Management LLC now owns 315,222 shares of the credit services provider’s stock worth $1,254,000 after acquiring an additional 10,900 shares during the period. Dimensional Fund Advisors LP lifted its position in Planet Payment by 5.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 960,445 shares of the credit services provider’s stock worth $3,823,000 after acquiring an additional 52,766 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Planet Payment by 4.1% during the 1st 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. 53.02% of the stock is owned by institutional investors.

Planet Payment, Inc. (NASDAQ PLPM) opened at $4.49 on Tuesday. The stock has a market capitalization of $224.55, a PE ratio of 26.41 and a beta of 0.62. Planet Payment, Inc. has a fifty-two week low of $3.10 and a fifty-two week high of $4.50.

PLPM has been the subject of several analyst reports. Craig Hallum cut Planet Payment from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Zacks Investment Research cut Planet Payment from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Northland Securities cut Planet Payment to a “hold” rating and set a $4.50 price objective for the company. in a report on Sunday, October 29th. Barrington Research cut Planet Payment from an “outperform” rating to an “underperform” rating in a report on Friday, October 27th. Finally, Lake Street Capital cut Planet Payment from a “buy” rating to a “hold” rating and decreased their price objective for the company from $5.00 to $4.50 in a report on Friday, October 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Planet Payment presently has an average rating of “Hold” and an average price target of $4.67.

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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.

Institutional Ownership by Quarter for Planet Payment (NASDAQ:PLPM)

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