Penn Capital Management Co. Inc. trimmed its position in Planet Fitness Inc (NYSE:PLNT) by 38.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,363 shares of the company’s stock after selling 60,149 shares during the quarter. Penn Capital Management Co. Inc.’s holdings in Planet Fitness were worth $7,205,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC grew its position in shares of Planet Fitness by 57.7% in the 4th quarter. FMR LLC now owns 7,135,122 shares of the company’s stock valued at $382,585,000 after buying an additional 2,610,693 shares during the last quarter. Norges Bank purchased a new position in shares of Planet Fitness in the 4th quarter valued at $42,748,000. Pelham Capital Ltd. purchased a new position in shares of Planet Fitness in the 1st quarter valued at $44,047,000. Assenagon Asset Management S.A. purchased a new position in shares of Planet Fitness in the 1st quarter valued at $19,940,000. Finally, Stifel Financial Corp purchased a new position in shares of Planet Fitness in the 4th quarter valued at $15,159,000. Institutional investors and hedge funds own 96.21% of the company’s stock.
PLNT has been the topic of a number of recent analyst reports. ValuEngine raised shares of Planet Fitness from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 1st. Bank of America reissued a “buy” rating and set a $72.00 price objective (up from $68.00) on shares of Planet Fitness in a research report on Thursday, February 28th. Piper Jaffray Companies raised their price objective on shares of Planet Fitness from $70.00 to $84.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th. They noted that the move was a valuation call. Jefferies Financial Group raised shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their price objective for the stock from $49.00 to $75.00 in a research report on Friday, February 22nd. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Planet Fitness from a “buy” rating to a “hold” rating in a research report on Friday, February 15th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Planet Fitness has an average rating of “Buy” and a consensus target price of $67.57.
Shares of Planet Fitness stock opened at $79.56 on Thursday. Planet Fitness Inc has a 1 year low of $38.32 and a 1 year high of $79.42. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 65.21, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76.
Planet Fitness (NYSE:PLNT) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. Planet Fitness had a net margin of 15.91% and a negative return on equity of 53.73%. The company had revenue of $148.82 million for the quarter, compared to the consensus estimate of $153.41 million. During the same period last year, the firm posted $0.27 EPS. Planet Fitness’s revenue for the quarter was up 22.7% on a year-over-year basis. As a group, equities analysts anticipate that Planet Fitness Inc will post 1.55 earnings per share for the current fiscal year.
In other news, CEO Christopher Rondeau sold 6,000 shares of Planet Fitness stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $60.53, for a total value of $363,180.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David P. Berg sold 6,291 shares of Planet Fitness stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $61.73, for a total transaction of $388,343.43. Following the completion of the sale, the director now directly owns 6,615 shares in the company, valued at approximately $408,343.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 466,291 shares of company stock worth $29,813,238. Insiders own 14.52% of the company’s stock.
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Planet Fitness Profile
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.
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