California State Teachers Retirement System acquired a new stake in Planet Payment Inc. (NASDAQ:PLPM) during the second quarter, Holdings Channel reports. The fund acquired 88,777 shares of the company’s stock, valued at approximately $399,000. California State Teachers Retirement System owned approximately 0.17% of Planet Payment at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada acquired a new position in Planet Payment during the first quarter valued at $124,000. Yakira Capital Management Inc. purchased a new position in shares of Planet Payment during the first quarter worth approximately $165,000. Heartwood Wealth Management Ltd purchased a new position in shares of Planet Payment during the second quarter worth approximately $462,000. Bank of New York Mellon Corp boosted its position in shares of Planet Payment by 152.0% in the second quarter. Bank of New York Mellon Corp now owns 138,336 shares of the company’s stock worth $621,000 after buying an additional 83,449 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Planet Payment during the second quarter worth approximately $629,000. 53.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of Planet Payment Inc. (NASDAQ:PLPM) traded down 4.05% during trading on Friday, reaching $3.08. The company’s stock had a trading volume of 226,177 shares. The company has a market cap of $152.77 million, a PE ratio of 19.13 and a beta of 0.58. The company has a 50 day moving average of $3.62 and a 200 day moving average of $3.96. Planet Payment Inc. has a 12-month low of $2.19 and a 12-month high of $4.97.
PLPM has been the topic of a number of analyst reports. Ladenburg Thalmann initiated coverage on Planet Payment in a research note on Monday, July 11th. They set a “buy” rating and a $6.20 price objective on the stock. Zacks Investment Research lowered Planet Payment from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Planet Payment has a consensus rating of “Buy” and an average target price of $5.15.
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.
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