Emerald Acquisition Ltd. bought a new stake in shares of Planet Payment Inc. (NASDAQ:PLPM) during the second quarter, Holdings Channel reports. The institutional investor bought 465,238 shares of the company’s stock, valued at approximately $2,088,000. Emerald Acquisition Ltd. owned approximately 0.92% of Planet Payment at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. California State Teachers Retirement System bought a new stake in shares of Planet Payment during the second quarter valued at approximately $399,000. Bank of New York Mellon Corp increased its stake 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 valued at $621,000 after buying an additional 83,449 shares in the last quarter. Strs Ohio bought a new stake in shares of Planet Payment during the second quarter valued at approximately $629,000. Heartwood Wealth Management Ltd bought a new stake in shares of Planet Payment during the second quarter valued at approximately $462,000. Finally, Royal Bank of Canada bought a new stake in shares of Planet Payment during the first quarter valued at approximately $124,000. 53.10% of the stock is owned by institutional investors and hedge funds.
Shares of Planet Payment Inc. (NASDAQ:PLPM) traded up 2.77% during midday trading on Friday, reaching $3.71. The company had a trading volume of 146,126 shares. The company’s 50-day moving average is $3.68 and its 200-day moving average is $3.96. The firm has a market cap of $184.02 million, a P/E ratio of 23.04 and a beta of 0.59. Planet Payment Inc. has a 52-week low of $2.19 and a 52-week high of $4.97.
Several brokerages have recently commented on PLPM. Ladenburg Thalmann began coverage on Planet Payment in a report on Monday, July 11th. They set a “buy” rating and a $6.20 target price for the company. Zacks Investment Research downgraded Planet Payment from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Planet Payment presently has a consensus rating of “Buy” and a consensus price target 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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