First Horizon Advisors Inc. Acquires 197 Shares of Planet Fitness, Inc. (NYSE:PLNT)

First Horizon Advisors Inc. increased its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 24.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,006 shares of the company’s stock after acquiring an additional 197 shares during the quarter. First Horizon Advisors Inc.’s holdings in Planet Fitness were worth $73,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Cadian Capital Management LP raised its stake in shares of Planet Fitness by 164.7% during the 3rd quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company’s stock worth $198,860,000 after purchasing an additional 2,516,007 shares during the period. Hawk Ridge Capital Management LP purchased a new position in Planet Fitness in the third quarter valued at about $29,476,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Planet Fitness during the 3rd quarter valued at approximately $25,133,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Planet Fitness during the 3rd quarter worth approximately $24,443,000. Finally, Triodos Investment Management BV bought a new stake in shares of Planet Fitness in the 3rd quarter worth approximately $19,672,000. Hedge funds and other institutional investors own 95.53% of the company’s stock.

Wall Street Analyst Weigh In

PLNT has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their target price on Planet Fitness from $75.00 to $72.00 and set a “neutral” rating for the company in a research report on Monday, February 26th. Royal Bank of Canada boosted their price objective on Planet Fitness from $74.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Stifel Nicolaus cut their target price on shares of Planet Fitness from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 23rd. DA Davidson reissued a “neutral” rating and issued a $62.00 price target on shares of Planet Fitness in a research report on Monday, February 5th. Finally, Piper Sandler raised their price objective on shares of Planet Fitness from $88.00 to $89.00 and gave the stock an “overweight” rating in a report on Thursday, January 11th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Planet Fitness presently has an average rating of “Moderate Buy” and a consensus price target of $70.21.

Planet Fitness Price Performance

PLNT opened at $62.02 on Wednesday. Planet Fitness, Inc. has a one year low of $44.13 and a one year high of $75.86. The firm has a market capitalization of $5.47 billion, a P/E ratio of 38.28, a price-to-earnings-growth ratio of 1.93 and a beta of 1.37. The company has a fifty day moving average price of $61.44 and a 200-day moving average price of $65.24.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Thursday, February 22nd. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. Planet Fitness had a negative return on equity of 120.89% and a net margin of 12.91%. The business had revenue of $285.10 million during the quarter, compared to analysts’ expectations of $282.35 million. During the same period in the previous year, the business earned $0.53 earnings per share. The firm’s revenue was up 1.4% on a year-over-year basis. On average, analysts expect that Planet Fitness, Inc. will post 2.48 earnings per share for the current year.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.