Analysts Set Planet Payment Inc (PLPM) Price Target at $4.75

Planet Payment Inc (NASDAQ:PLPM) has been given an average recommendation of “Hold” by the five brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $4.75.

A number of equities analysts have issued reports on the stock. Northland Securities restated a “hold” rating on shares of Planet Payment in a research report on Thursday, December 21st. Zacks Investment Research upgraded shares of Planet Payment from a “hold” rating to a “buy” rating and set a $5.00 price objective on the stock in a research report on Tuesday, October 31st. Craig Hallum cut shares of Planet Payment from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Barrington Research cut shares of Planet Payment from an “outperform” rating to an “underperform” rating in a research report on Friday, October 27th. Finally, Lake Street Capital cut shares of Planet Payment from a “buy” rating to a “hold” rating and decreased their price objective for the company from $5.00 to $4.50 in a research report on Friday, October 27th.

Hedge funds have recently added to or reduced their stakes in the business. Discovery Group I LLC increased its position 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 valued at $20,466,000 after buying an additional 1,063,590 shares during the period. Dimensional Fund Advisors LP increased its position 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 valued at $3,724,000 after buying an additional 168,041 shares during the period. Algert Global LLC increased its position in shares of Planet Payment by 191.2% during the third quarter. Algert Global LLC now owns 160,100 shares of the credit services provider’s stock valued at $687,000 after buying an additional 105,126 shares during the period. Fondren Management LP purchased a new position in shares of Planet Payment during the second quarter valued at about $512,000. Finally, P.A.W. Capital Corp increased its position in shares of Planet Payment by 4.8% during the third quarter. P.A.W. Capital Corp now owns 650,000 shares of the credit services provider’s stock valued at $2,789,000 after buying an additional 30,000 shares during the period. Hedge funds and other institutional investors own 52.97% of the company’s stock.

Planet Payment (PLPM) remained flat at $$4.49 during mid-day trading on Wednesday. Planet Payment has a 12-month low of $3.10 and a 12-month high of $4.50. The stock has a market capitalization of $224.00, a price-to-earnings ratio of 9.16 and a beta of 0.61.

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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.

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