Planet Payment Inc. (PLPM) Sees Strong Trading Volume
Planet Payment Inc. (NASDAQ:PLPM) shares saw unusually-strong trading volume on Wednesday . Approximately 1,587,089 shares were traded 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 research analysts have issued reports on PLPM shares. Northland Securities started coverage on Planet Payment in a report on Wednesday, April 13th. They set an “outperform” rating on the stock. Zacks Investment Research raised Planet Payment from a “hold” rating to a “buy” rating and set a $4.75 price objective on the stock in a report on Wednesday, May 4th. Lake Street Capital increased 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 started coverage on Planet Payment in a research note on Monday, July 11th. They issued 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 company. The company has a consensus rating of “Buy” and a consensus target price of $5.15.
The company has a market cap of $229.99 million and a P/E ratio of 26.49. The firm’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 earnings results on Thursday, May 5th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. On average, analysts forecast that Planet Payment Inc. will post $0.16 earnings per share for the current year.
In other news, Director Jonathan Kaiden sold 7,500 shares of the business’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $4.50, for a total transaction of $33,750.00. Following the completion of the sale, the director now directly owns 97,510 shares of the company’s stock, valued at $438,795. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Several large investors have bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Planet Payment by 77.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 355,027 shares of the company’s stock valued at $1,083,000 after buying an additional 155,137 shares during the last quarter. P.A.W. Capital Corp increased its stake in Planet Payment by 43.8% in the fourth quarter. P.A.W. Capital Corp now owns 575,000 shares of the company’s stock valued at $1,754,000 after buying an additional 175,000 shares during the last quarter. Finally, EAM Investors LLC increased its stake in Planet Payment by 0.4% in the fourth quarter. EAM Investors LLC now owns 615,889 shares of the company’s stock valued at $1,878,000 after buying an additional 2,423 shares during the last quarter.
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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