Planet Payment, Inc. (NASDAQ:PLPM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

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. “

Shares of Planet Payment (PLPM) opened at 4.10 on Wednesday. The stock has a 50 day moving average of $4.02 and a 200-day moving average of $3.76. Planet Payment has a 52 week low of $2.75 and a 52 week high of $4.64. The firm has a market capitalization of $201.88 million, a PE ratio of 9.03 and a beta of 0.62.

Planet Payment (NASDAQ:PLPM) last issued its quarterly earnings data on Wednesday, August 9th. The credit services provider reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.01. Planet Payment had a return on equity of 25.86% and a net margin of 48.14%. The company had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $13.56 million. The company’s quarterly revenue was down 4.6% on a year-over-year basis. Equities analysts anticipate that Planet Payment will post $0.17 earnings per share for the current fiscal year.

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Several hedge funds have recently made changes to their positions in PLPM. Teachers Advisors LLC boosted its position in Planet Payment by 25.6% in the fourth quarter. Teachers Advisors LLC now owns 124,100 shares of the credit services provider’s stock valued at $506,000 after buying an additional 25,257 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Planet Payment by 7.2% during the first quarter. Russell Investments Group Ltd. now owns 363,759 shares of the credit services provider’s stock worth $1,448,000 after purchasing an additional 24,380 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of 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 worth $536,000 after purchasing an additional 3,511 shares during the period. SG Americas Securities LLC bought a new stake in shares of Planet Payment in the first quarter worth $183,000. Finally, American International Group Inc. grew its stake in shares of 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 purchasing an additional 1,729 shares during the last quarter. Institutional investors and hedge funds own 50.64% of the company’s stock.

About Planet Payment

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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