Zacks Investment Research cut shares of Planet Payment, Inc. (NASDAQ:PLPM) from a hold rating to a sell rating in a research note published 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. “

Planet Payment (NASDAQ PLPM) traded up 1.67% during midday trading on Wednesday, reaching $4.27. 123,793 shares of the company traded hands. Planet Payment has a one year low of $2.75 and a one year high of $4.64. The company has a 50 day moving average price of $4.04 and a 200-day moving average price of $3.76. The stock has a market capitalization of $210.25 million, a P/E ratio of 9.41 and a beta of 0.62.

Planet Payment (NASDAQ:PLPM) last issued its earnings results on Wednesday, August 9th. The credit services provider reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01. Planet Payment had a net margin of 48.14% and a return on equity of 25.86%. The company had revenue of $12.50 million for the quarter, compared to analysts’ expectations 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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Institutional investors have recently modified their holdings of the business. American International Group Inc. grew its holdings in Planet Payment by 7.1% during the 1st quarter. American International Group Inc. now owns 26,075 shares of the credit services provider’s stock worth $104,000 after acquiring an additional 1,729 shares in the last quarter. Alliancebernstein L.P. bought a new stake in shares of Planet Payment in the 2nd quarter valued at about $102,000. Citigroup Inc. boosted its holdings in shares of Planet Payment by 3,421.0% in the 2nd quarter. Citigroup Inc. now owns 30,879 shares of the credit services provider’s stock valued at $102,000 after buying an additional 30,002 shares in the last quarter. SpiderRock Advisors LLC bought a new stake in shares of Planet Payment in the 2nd quarter valued at about $111,000. Finally, Connors Investor Services Inc. bought a new stake in shares of Planet Payment in the 2nd quarter valued at about $132,000. Institutional investors 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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