Bank of New York Mellon Corp Sells 132,181 Shares of Planet Fitness, Inc. $PLNT

Bank of New York Mellon Corp cut its holdings in Planet Fitness, Inc. (NYSE:PLNT) by 9.8% during the second quarter, Holdings Channel.com reports. The firm owned 1,223,173 shares of the company’s stock after selling 132,181 shares during the quarter. Bank of New York Mellon Corp’s holdings in Planet Fitness were worth $133,387,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Concurrent Investment Advisors LLC grew its position in Planet Fitness by 30.1% in the first quarter. Concurrent Investment Advisors LLC now owns 2,990 shares of the company’s stock valued at $289,000 after purchasing an additional 691 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Planet Fitness by 6.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 177,333 shares of the company’s stock valued at $17,132,000 after acquiring an additional 11,437 shares in the last quarter. State of Michigan Retirement System increased its position in shares of Planet Fitness by 1.0% in the first quarter. State of Michigan Retirement System now owns 20,100 shares of the company’s stock valued at $1,942,000 after acquiring an additional 200 shares during the last quarter. Xponance Inc. raised its holdings in Planet Fitness by 1.1% during the first quarter. Xponance Inc. now owns 13,767 shares of the company’s stock worth $1,330,000 after acquiring an additional 156 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Planet Fitness by 183.4% during the first quarter. New York State Common Retirement Fund now owns 127,345 shares of the company’s stock worth $12,303,000 after acquiring an additional 82,415 shares in the last quarter. Institutional investors and hedge funds own 95.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Stifel Nicolaus set a $125.00 price target on Planet Fitness in a research note on Thursday. UBS Group assumed coverage on shares of Planet Fitness in a research note on Friday, October 17th. They issued a “buy” rating and a $125.00 target price for the company. Morgan Stanley upped their price target on shares of Planet Fitness from $112.00 to $119.00 and gave the stock an “overweight” rating in a research report on Monday, October 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Planet Fitness in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Planet Fitness in a research report on Wednesday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $113.36.

Planet Fitness Trading Up 12.4%

PLNT opened at $103.08 on Friday. The stock’s fifty day simple moving average is $98.63 and its 200 day simple moving average is $102.63. Planet Fitness, Inc. has a 1-year low of $87.72 and a 1-year high of $114.47. The stock has a market cap of $8.68 billion, a PE ratio of 45.81, a price-to-earnings-growth ratio of 2.11 and a beta of 1.37.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.72 by $0.08. The firm had revenue of $330.35 million for the quarter, compared to the consensus estimate of $323.95 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. Planet Fitness has set its FY 2025 guidance at 3.000-3.030 EPS. Equities analysts forecast that Planet Fitness, Inc. will post 2.51 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.