Planet Fitness (NYSE:PLNT) Shares Break Below Two Hundred Day Moving Average – Time to Sell?

Planet Fitness, Inc. (NYSE:PLNT)’s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $60.65 and traded as low as $59.94. Planet Fitness shares last traded at $60.1890, with a volume of 1,114,672 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLNT. Jefferies Financial Group reaffirmed a “buy” rating on shares of Planet Fitness in a research note on Tuesday. Deutsche Bank reiterated a “hold” rating and issued a $55.00 price target on shares of Planet Fitness in a report on Wednesday, July 22nd. UBS Group reissued a “buy” rating on shares of Planet Fitness in a research note on Friday, October 9th. Wells Fargo & Company boosted their price objective on Planet Fitness from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 6th. Finally, TD Cowen upped their price objective on Planet Fitness from $54.00 to $61.00 and gave the company a “hold” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Planet Fitness presently has an average rating of “Moderate Buy” and an average target price of $71.87.

Planet Fitness Stock Performance

The business has a 50 day moving average of $49.96 and a two-hundred day moving average of $60.65. The stock has a market capitalization of $4.55 billion, a PE ratio of 20.40, a PEG ratio of 1.30 and a beta of 1.02.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.81 by $0.02. Planet Fitness had a net margin of 16.06% and a negative return on equity of 47.24%. The business had revenue of $359.98 million during the quarter, compared to analyst estimates of $348.34 million. During the same period in the prior year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis. On average, equities analysts expect that Planet Fitness, Inc. will post 3.27 EPS for the current fiscal year.

Insider Activity at Planet Fitness

In related news, COO William Bode sold 7,000 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $51.22, for a total transaction of $358,540.00. Following the completion of the sale, the chief operating officer owned 32,939 shares of the company’s stock, valued at $1,687,135.58. This represents a 17.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christopher Tanco bought 2,328 shares of the stock in a transaction on Monday, September 14th. The stock was purchased at an average price of $51.23 per share, with a total value of $119,263.44. Following the completion of the purchase, the director owned 2,328 shares of the company’s stock, valued at $119,263.44. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On Planet Fitness

Large investors have recently made changes to their positions in the business. Engineers Gate Manager LP acquired a new stake in shares of Planet Fitness in the 2nd quarter worth $1,859,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Planet Fitness during the 2nd quarter worth $1,523,000. Fulcrum Asset Management LLP increased its position in Planet Fitness by 7,553.2% during the 3rd quarter. Fulcrum Asset Management LLP now owns 21,429 shares of the company’s stock valued at $873,000 after buying an additional 21,149 shares in the last quarter. Van Berkom & Associates Inc. increased its position in Planet Fitness by 9.4% during the 3rd quarter. Van Berkom & Associates Inc. now owns 1,379,902 shares of the company’s stock valued at $58,259,000 after buying an additional 118,054 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Planet Fitness in the second quarter valued at about $44,399,000. 95.53% of the stock is owned by institutional investors and hedge funds.

About Planet Fitness

Planet Fitness, Inc. is a fitness club franchisor and operator known for its low-cost membership model and “Judgement Free Zone” approach. Its clubs offer cardio and strength-training equipment, along with access to fitness training and other member services. Founded in 1992, the company began franchising its clubs in 2003. Planet Fitness serves members primarily in the United States, as well as in several international markets, including Canada, Mexico and Australia. Planet Fitness is headquartered in Hampton, New Hampshire.