Planet Payment Inc (PLPM) Given Average Recommendation of “Hold” by Brokerages

Shares of Planet Payment Inc (NASDAQ:PLPM) have earned an average recommendation of “Hold” from the six brokerages that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $4.75.

PLPM has been the topic of several recent research reports. Zacks Investment Research cut shares of Planet Payment from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Craig Hallum cut shares of Planet Payment from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Northland Securities reaffirmed a “buy” rating and set a $4.50 target price on shares of Planet Payment in a report on Thursday, October 12th. Barrington Research cut shares of Planet Payment from an “outperform” rating to an “underperform” rating in a report on Friday, October 27th. Finally, Lake Street Capital cut shares of Planet Payment from a “buy” rating to a “hold” rating and lowered their target price for the stock from $5.00 to $4.50 in a report on Friday, October 27th.

Planet Payment (NASDAQ PLPM) opened at $4.49 on Wednesday. The firm has a market cap of $224.00, a PE ratio of 9.16 and a beta of 0.61. Planet Payment has a fifty-two week low of $3.10 and a fifty-two week high of $4.50.

Several institutional investors and hedge funds have recently made changes to their positions in PLPM. Discovery Group I LLC increased its holdings in shares of Planet Payment by 28.7% during the third quarter. Discovery Group I LLC now owns 4,770,577 shares of the credit services provider’s stock worth $20,466,000 after purchasing an additional 1,063,590 shares during the period. Atlantic Trust Group LLC bought a new position in shares of Planet Payment during the third quarter worth approximately $1,167,000. Dimensional Fund Advisors LP increased its holdings in shares of Planet Payment by 17.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,128,486 shares of the credit services provider’s stock worth $3,724,000 after purchasing an additional 168,041 shares during the period. Fondren Management LP bought a new position in shares of Planet Payment during the second quarter worth approximately $512,000. Finally, Algert Global LLC boosted its position in shares of Planet Payment by 191.2% during the 3rd quarter. Algert Global LLC now owns 160,100 shares of the credit services provider’s stock worth $687,000 after acquiring an additional 105,126 shares in the last quarter. 52.97% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Planet Payment (NASDAQ:PLPM)

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