Planet Payment Inc. (PLPM) Sees Strong Trading Volume
Planet Payment Inc. (NASDAQ:PLPM) shares saw unusually-high trading volume on Wednesday . Approximately 567,989 shares were traded during trading, an increase of 27% from the previous session’s volume of 449,003 shares.The stock last traded at $3.63 and had previously closed at $3.75.
PLPM has been the topic of several research reports. Zacks Investment Research raised Planet Payment from a “hold” rating to a “buy” rating and set a $4.75 price target on the stock 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 note on Thursday, May 5th. Finally, Ladenburg Thalmann initiated coverage on Planet Payment in a research note on Monday, July 11th. They set a “buy” rating and a $6.20 price target on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $5.15.
The firm’s 50-day moving average is $4.07 and its 200-day moving average is $3.86. The company has a market cap of $178.07 million and a PE ratio of 22.30.
A hedge fund recently raised its stake in Planet Payment stock. Dimensional Fund Advisors LP increased its position in Planet Payment Inc. (NASDAQ:PLPM) by 77.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.
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.