BlackRock Inc. increased its position in Planet Fitness, Inc. (NYSE:PLNT – Get Rating) by 0.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,723,313 shares of the company’s stock after purchasing an additional 80,705 shares during the quarter. BlackRock Inc. owned 9.58% of Planet Fitness worth $502,985,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in PLNT. William Blair Investment Management LLC purchased a new position in shares of Planet Fitness in the second quarter valued at $78,692,000. Bares Capital Management Inc. boosted its stake in shares of Planet Fitness by 355.5% in the second quarter. Bares Capital Management Inc. now owns 1,438,570 shares of the company’s stock valued at $97,837,000 after purchasing an additional 1,122,752 shares during the period. Cadian Capital Management LP bought a new position in Planet Fitness during the 3rd quarter valued at $30,012,000. Invesco Ltd. boosted its stake in Planet Fitness by 38.9% during the 1st quarter. Invesco Ltd. now owns 1,700,236 shares of the company’s stock valued at $143,636,000 after acquiring an additional 476,578 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Planet Fitness by 147.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 761,875 shares of the company’s stock valued at $64,363,000 after acquiring an additional 454,133 shares during the last quarter. 94.56% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have commented on PLNT. Stifel Nicolaus increased their price objective on shares of Planet Fitness from $82.00 to $93.00 and gave the company a “buy” rating in a research note on Friday, January 13th. Piper Sandler increased their price objective on shares of Planet Fitness from $79.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, December 22nd. Raymond James increased their price objective on shares of Planet Fitness from $92.00 to $95.00 and gave the company a “strong-buy” rating in a research note on Friday, February 24th. Cowen increased their target price on shares of Planet Fitness from $80.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, November 16th. Finally, BMO Capital Markets increased their target price on shares of Planet Fitness from $88.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, November 9th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Planet Fitness has an average rating of “Moderate Buy” and an average target price of $93.69.
PLNT stock opened at $81.06 on Wednesday. Planet Fitness, Inc. has a fifty-two week low of $54.15 and a fifty-two week high of $88.31. The firm’s 50-day simple moving average is $81.16 and its 200 day simple moving average is $73.02. The stock has a market cap of $7.26 billion, a PE ratio of 69.28, a price-to-earnings-growth ratio of 1.52 and a beta of 1.30.
Planet Fitness (NYSE:PLNT – Get Rating) last released its quarterly earnings data on Thursday, February 23rd. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.06. Planet Fitness had a net margin of 10.61% and a negative return on equity of 65.39%. The business had revenue of $281.30 million for the quarter, compared to analysts’ expectations of $271.48 million. During the same quarter last year, the company earned $0.26 EPS. The company’s revenue for the quarter was up 53.2% compared to the same quarter last year. Equities analysts forecast that Planet Fitness, Inc. will post 2.2 EPS for the current fiscal year.
Planet Fitness, Inc engages in the operation and franchising of fitness centers. It operates through the following segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment includes operations related to the company’s franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, Panama, Mexico, and Australia.
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