Planet Payment, Inc. (NASDAQ:PLPM) shares shot up 3.3% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $3.51 and last traded at $3.46, with a volume of 218,535 shares trading hands. The stock had previously closed at $3.35.
The credit services provider reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. Planet Payment had a net margin of 46.33% and a return on equity of 28.86%. The business had revenue of $12.50 million for the quarter, compared to analyst estimates of $13.56 million. The business’s revenue was down 4.6% compared to the same quarter last year.
Separately, Zacks Investment Research lowered shares of Planet Payment from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th.
A number of hedge funds have recently made changes to their positions in PLPM. Thomson Horstmann & Bryant Inc. increased its stake in shares of Planet Payment by 4.5% in the first quarter. Thomson Horstmann & Bryant Inc. now owns 1,752,015 shares of the credit services provider’s stock valued at $6,973,000 after buying an additional 75,920 shares during the period. Wellington Management Group LLP increased its stake in shares of Planet Payment by 0.3% in the first quarter. Wellington Management Group LLP now owns 1,563,041 shares of the credit services provider’s stock valued at $6,221,000 after buying an additional 4,500 shares during the period. S Squared Technology LLC bought a new stake in shares of Planet Payment during the first quarter valued at approximately $4,061,000. Dimensional Fund Advisors LP increased its stake in shares of Planet Payment by 5.8% in the first quarter. Dimensional Fund Advisors LP now owns 960,445 shares of the credit services provider’s stock valued at $3,823,000 after buying an additional 52,766 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Planet Payment by 4.1% in the first quarter. Renaissance Technologies LLC now owns 834,400 shares of the credit services provider’s stock valued at $3,321,000 after buying an additional 32,800 shares during the period. Hedge funds and other institutional investors own 53.16% of the company’s stock.
The company has a market cap of $167.79 million, a PE ratio of 7.78 and a beta of 0.66. The company has a 50 day moving average of $3.36 and a 200 day moving average of $3.81.
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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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