Planet Payment, Inc. (NASDAQ:PLPM) Downgraded by Zacks Investment Research to Sell
Planet Payment, Inc. (NASDAQ:PLPM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
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 (PLPM) opened at 3.41 on Friday. The company’s 50-day moving average price is $3.36 and its 200 day moving average price is $3.81. The company has a market capitalization of $166.81 million, a price-to-earnings ratio of 7.73 and a beta of 0.66. Planet Payment has a 12 month low of $2.75 and a 12 month high of $4.64.
Planet Payment (NASDAQ:PLPM) last posted its quarterly earnings results on Wednesday, August 9th. The credit services provider reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.01. Planet Payment had a net margin of 46.33% and a return on equity of 28.86%. The business had revenue of $12.50 million during the quarter, compared to analyst estimates of $13.56 million. Planet Payment’s revenue was down 4.6% on a year-over-year basis. Analysts forecast that Planet Payment will post $0.17 EPS for the current fiscal year.
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A number of hedge funds have recently bought and sold shares of PLPM. American International Group Inc. raised its stake in Planet Payment by 7.1% in the first quarter. American International Group Inc. now owns 26,075 shares of the credit services provider’s stock worth $104,000 after buying an additional 1,729 shares in the last quarter. Isthmus Partners LLC purchased a new stake in Planet Payment during the first quarter worth $886,000. SG Americas Securities LLC purchased a new stake in Planet Payment during the first quarter worth $183,000. Acrospire Investment Management LLC raised its stake in Planet Payment by 36.6% in the first quarter. Acrospire Investment Management LLC now owns 25,128 shares of the credit services provider’s stock worth $100,000 after buying an additional 6,733 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Planet Payment by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 134,519 shares of the credit services provider’s stock worth $536,000 after buying an additional 3,511 shares in the last quarter. Institutional investors and hedge funds own 53.16% of the company’s stock.
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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