Northland Securities Downgrades Planet Payment, Inc. (PLPM) to Hold

Northland Securities downgraded shares of Planet Payment, Inc. (NASDAQ:PLPM) to a hold rating in a research note released on Sunday, October 29th. They currently have $4.50 target price on the credit services provider’s stock.

PLPM has been the subject of several other reports. Zacks Investment Research cut Planet Payment from a hold rating to a sell rating in a research note on Friday, August 11th. Lake Street Capital cut Planet Payment from a buy rating to a hold rating and cut their price target for the company from $5.00 to $4.50 in a research note on Friday, October 27th. Barrington Research cut Planet Payment from an outperform rating to an underperform rating in a research note on Friday, October 27th. Finally, Craig Hallum cut Planet Payment from a buy rating to a hold rating in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $4.67.

Shares of Planet Payment (NASDAQ PLPM) opened at $4.48 on Friday. Planet Payment has a 1-year low of $3.10 and a 1-year high of $4.64. The stock has a market capitalization of $224.05, a P/E ratio of 26.35 and a beta of 0.63.

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Several hedge funds have recently modified their holdings of PLPM. TIAA CREF Investment Management LLC raised its position in Planet Payment by 0.7% during the first quarter. TIAA CREF Investment Management LLC now owns 127,567 shares of the credit services provider’s stock valued at $508,000 after purchasing an additional 900 shares in the last quarter. American International Group Inc. raised its position in Planet Payment by 7.1% during the first quarter. American International Group Inc. now owns 26,075 shares of the credit services provider’s stock valued at $104,000 after purchasing an additional 1,729 shares in the last quarter. Bank of New York Mellon Corp raised its position in Planet Payment by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 134,519 shares of the credit services provider’s stock valued at $536,000 after purchasing an additional 3,511 shares in the last quarter. Rhumbline Advisers raised its position in Planet Payment by 10.4% during the second quarter. Rhumbline Advisers now owns 45,355 shares of the credit services provider’s stock valued at $150,000 after purchasing an additional 4,280 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Planet Payment by 0.3% during the first quarter. Wellington Management Group LLP now owns 1,563,041 shares of the credit services provider’s stock valued at $6,221,000 after purchasing an additional 4,500 shares in the last quarter. Institutional investors and hedge funds own 46.47% 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.

Analyst Recommendations for Planet Payment (NASDAQ:PLPM)

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