Planet Payment, Inc. (NASDAQ:PLPM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

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. “

Planet Payment (NASDAQ:PLPM) opened at 3.61 on Tuesday. The firm has a market capitalization of $176.59 million, a price-to-earnings ratio of 8.19 and a beta of 0.66. The company has a 50-day moving average price of $3.52 and a 200 day moving average price of $3.97. Planet Payment has a 1-year low of $2.75 and a 1-year high of $4.97.

Planet Payment (NASDAQ:PLPM) last issued its earnings results on Tuesday, May 9th. The credit services provider reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The business had revenue of $12.73 million during the quarter, compared to analyst estimates of $13.76 million. Planet Payment had a return on equity of 28.86% and a net margin of 46.33%. The business’s quarterly revenue was down 6.9% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. Equities analysts anticipate that Planet Payment will post $0.17 earnings per share for the current year.

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Several hedge funds have recently modified their holdings of the company. SpiderRock Advisors LLC acquired a new stake in shares of Planet Payment during the second quarter valued at approximately $111,000. Goldman Sachs Group Inc. boosted its stake in Planet Payment by 40.9% in the first quarter. Goldman Sachs Group Inc. now owns 48,458 shares of the credit services provider’s stock worth $193,000 after buying an additional 14,066 shares during the last quarter. Bard Associates Inc. boosted its stake in Planet Payment by 13.9% in the first quarter. Bard Associates Inc. now owns 45,050 shares of the credit services provider’s stock worth $179,000 after buying an additional 5,500 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Planet Payment by 4.1% in the first quarter. Renaissance Technologies LLC now owns 834,400 shares of the credit services provider’s stock worth $3,321,000 after buying an additional 32,800 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Planet Payment by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 960,445 shares of the credit services provider’s stock worth $3,823,000 after buying an additional 52,766 shares during the last quarter. 53.80% of the stock is owned by institutional investors and hedge funds.

Planet Payment Company 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.

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