Planet Payment Inc. (PLPM) Sees Unusually-High Trading Volume
Planet Payment Inc. (NASDAQ:PLPM) saw unusually-strong trading volume on Wednesday . Approximately 1,587,089 shares changed hands during trading, an increase of 153% from the previous session’s volume of 626,663 shares.The stock last traded at $4.41 and had previously closed at $3.99.
Several equities research analysts have commented on PLPM shares. Northland Securities started coverage on Planet Payment in a research note on Wednesday, April 13th. They set an “outperform” rating for the company. Zacks Investment Research upgraded Planet Payment from a “hold” rating to a “buy” rating and set a $4.75 price objective for the company in a research note on Wednesday, May 4th. Lake Street Capital upped their price target on Planet Payment from $4.25 to $4.50 and gave the company a “buy” rating in a research report on Thursday, May 5th. Finally, Ladenburg Thalmann initiated coverage on Planet Payment in a research report on Monday, July 11th. They issued a “buy” rating and a $6.20 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $5.15.
The company has a market capitalization of $234.56 million and a price-to-earnings ratio of 27.02. The stock’s 50 day moving average price is $4.20 and its 200-day moving average price is $3.60.
Planet Payment (NASDAQ:PLPM) last posted its quarterly earnings results on Thursday, May 5th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.03. Equities research analysts predict that Planet Payment Inc. will post $0.16 EPS for the current fiscal year.
In other news, Director Jonathan Kaiden sold 15,880 shares of Planet Payment stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $4.51, for a total transaction of $71,618.80. Following the completion of the sale, the director now directly owns 105,010 shares in the company, valued at approximately $473,595.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.
An institutional investor recently raised its position in Planet Payment stock. Dimensional Fund Advisors LP increased its position in shares of Planet Payment Inc. (NASDAQ:PLPM) by 77.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 355,027 shares of the company’s stock after buying an additional 155,137 shares during the period. Dimensional Fund Advisors LP owned 0.69% of Planet Payment worth $1,083,000 as of its most recent filing with the SEC.
Planet Payment, Inc is a provider of international payment and transaction processing and multi-currency processing services. The Company manages its business through two segments: Multi-currency processing services, which includes Pay In Your Currency and Shop In Your Currency, enables merchants to offer customized pricing in multiple currencies, and payment processing services comprising authorization, capture, clearing and settlement services.
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