Verdence Capital Advisors LLC Acquires 209 Shares of Planet Fitness, Inc. $PLNT

Verdence Capital Advisors LLC boosted its holdings in Planet Fitness, Inc. (NYSE:PLNT) by 5.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,014 shares of the company’s stock after purchasing an additional 209 shares during the period. Verdence Capital Advisors LLC’s holdings in Planet Fitness were worth $438,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Game Plan Financial Advisors LLC bought a new position in shares of Planet Fitness during the second quarter valued at about $25,000. Brooklyn Investment Group raised its stake in shares of Planet Fitness by 57.8% during the first quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock valued at $31,000 after acquiring an additional 118 shares during the last quarter. First Horizon Advisors Inc. raised its stake in shares of Planet Fitness by 187.6% during the first quarter. First Horizon Advisors Inc. now owns 371 shares of the company’s stock valued at $36,000 after acquiring an additional 242 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Planet Fitness by 291.0% during the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company’s stock valued at $50,000 after acquiring an additional 387 shares during the last quarter. Finally, New Age Alpha Advisors LLC bought a new position in shares of Planet Fitness during the first quarter valued at about $65,000. 95.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PLNT. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Planet Fitness in a research note on Wednesday, October 8th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Planet Fitness in a research note on Wednesday, September 24th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Planet Fitness in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $126.00 price target on shares of Planet Fitness in a research report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $111.54.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $94.20 on Thursday. Planet Fitness, Inc. has a 1 year low of $77.77 and a 1 year high of $114.47. The company’s 50-day moving average is $102.51 and its 200 day moving average is $102.63. The stock has a market capitalization of $7.93 billion, a P/E ratio of 41.87, a P/E/G ratio of 2.11 and a beta of 1.38.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.07. The company had revenue of $340.88 million for the quarter, compared to analysts’ expectations of $329.59 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. Planet Fitness’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.71 earnings per share. Research analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Planet Fitness Profile

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.