Planet Payment, Inc. (NASDAQ:PLPM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, October 31st. The firm currently has a $5.00 price objective on the credit services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.36% from the company’s current price.
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. “
PLPM has been the topic of several other research reports. Northland Securities downgraded Planet Payment to a “hold” rating and set a $4.50 price objective on the stock. in a report on Sunday, October 29th. Lake Street Capital downgraded Planet Payment from a “buy” rating to a “hold” rating and cut their price objective for the company from $5.00 to $4.50 in a report on Friday, October 27th. Barrington Research downgraded Planet Payment from an “outperform” rating to an “underperform” rating in a report on Friday, October 27th. Finally, Craig Hallum downgraded Planet Payment from a “buy” rating to a “hold” rating in a report on Friday, October 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Planet Payment currently has a consensus rating of “Hold” and a consensus target price of $4.67.
Shares of Planet Payment (NASDAQ PLPM) remained flat at $$4.49 during trading on Tuesday. 160,338 shares of the company’s stock traded hands, compared to its average volume of 1,755,088. Planet Payment has a twelve month low of $3.10 and a twelve month high of $4.64. The firm has a market cap of $224.55, a price-to-earnings ratio of 26.41 and a beta of 0.63.
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A number of hedge funds and other institutional investors have recently modified their holdings of PLPM. Bank of New York Mellon Corp increased its holdings in shares of Planet Payment by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 134,519 shares of the credit services provider’s stock valued at $536,000 after acquiring an additional 3,511 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Planet Payment in the 1st quarter valued at about $183,000. American International Group Inc. increased its holdings in shares of Planet Payment by 7.1% in the 1st quarter. American International Group Inc. now owns 26,075 shares of the credit services provider’s stock valued at $104,000 after acquiring an additional 1,729 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Planet Payment by 0.3% in the 1st quarter. Wellington Management Group LLP now owns 1,563,041 shares of the credit services provider’s stock valued at $6,221,000 after acquiring an additional 4,500 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of Planet Payment by 0.7% in the 1st quarter. TIAA CREF Investment Management LLC now owns 127,567 shares of the credit services provider’s stock valued at $508,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 46.14% 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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