Russell Investments Group Ltd. Cuts Stake in Planet Payment Inc (PLPM)

Russell Investments Group Ltd. reduced its position in Planet Payment Inc (NASDAQ:PLPM) by 72.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 116,607 shares of the credit services provider’s stock after selling 303,279 shares during the quarter. Russell Investments Group Ltd. owned 0.23% of Planet Payment worth $500,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PLPM. Rhumbline Advisers boosted its holdings in Planet Payment by 10.4% during the 2nd quarter. Rhumbline Advisers now owns 45,355 shares of the credit services provider’s stock valued at $150,000 after acquiring an additional 4,280 shares during the period. Northern Trust Corp boosted its holdings in Planet Payment by 1.9% during the 2nd quarter. Northern Trust Corp now owns 463,164 shares of the credit services provider’s stock valued at $1,529,000 after acquiring an additional 8,762 shares during the period. Vanguard Group Inc. boosted its holdings in Planet Payment by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,456,983 shares of the credit services provider’s stock valued at $4,808,000 after acquiring an additional 11,432 shares during the period. Bridge City Capital LLC boosted its holdings in Planet Payment by 8.7% during the 3rd quarter. Bridge City Capital LLC now owns 166,722 shares of the credit services provider’s stock valued at $715,000 after acquiring an additional 13,342 shares during the period. Finally, Numeric Investors LLC boosted its holdings in Planet Payment by 8.5% during the 2nd quarter. Numeric Investors LLC now owns 197,434 shares of the credit services provider’s stock valued at $652,000 after acquiring an additional 15,404 shares during the period. Hedge funds and other institutional investors own 52.97% of the company’s stock.

Several equities research analysts recently weighed in on PLPM shares. Zacks Investment Research upgraded Planet Payment from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a report on Tuesday, October 31st. Lake Street Capital cut Planet Payment from a “buy” rating to a “hold” rating and dropped their target price for the company from $5.00 to $4.50 in a report on Friday, October 27th. Craig Hallum cut Planet Payment from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Northland Securities restated a “buy” rating and set a $4.50 target price on shares of Planet Payment in a report on Thursday, October 12th. Finally, Barrington Research cut Planet Payment from an “outperform” rating to an “underperform” rating in a report on Friday, October 27th. One equities 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 company. The stock has an average rating of “Hold” and an average target price of $4.67.

Planet Payment Inc (PLPM) opened at $4.49 on Friday. The company has a market capitalization of $224.00, a P/E ratio of 9.16 and a beta of 0.61. Planet Payment Inc has a 52-week low of $3.10 and a 52-week high of $4.50.

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Planet Payment 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.

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

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