Bank of New York Mellon Corp Decreases Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Bank of New York Mellon Corp trimmed its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 21.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,507,695 shares of the company’s stock after selling 402,699 shares during the quarter. Bank of New York Mellon Corp owned 1.78% of Planet Fitness worth $149,066,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Ninety One UK Ltd purchased a new stake in Planet Fitness in the 4th quarter worth about $130,376,000. FMR LLC raised its position in Planet Fitness by 666.9% in the 3rd quarter. FMR LLC now owns 795,485 shares of the company’s stock worth $64,609,000 after purchasing an additional 691,761 shares during the period. WCM Investment Management LLC purchased a new stake in Planet Fitness in the 4th quarter worth about $22,289,000. Artemis Investment Management LLP purchased a new stake in Planet Fitness in the 4th quarter worth about $18,767,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in Planet Fitness in the 3rd quarter worth about $13,592,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a research report on Monday, February 24th. Piper Sandler raised their target price on shares of Planet Fitness from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. JPMorgan Chase & Co. raised their target price on shares of Planet Fitness from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Robert W. Baird raised their target price on shares of Planet Fitness from $92.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Macquarie reduced their target price on shares of Planet Fitness from $99.00 to $95.00 and set a “neutral” rating on the stock in a research report on Thursday. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.00.

Planet Fitness Stock Performance

NYSE PLNT opened at $92.50 on Friday. The firm’s 50 day moving average price is $102.28 and its 200-day moving average price is $92.23. Planet Fitness, Inc. has a 52-week low of $54.35 and a 52-week high of $110.00. The company has a market cap of $7.82 billion, a PE ratio of 49.73, a P/E/G ratio of 2.45 and a beta of 1.53.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings data on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The firm had revenue of $340.50 million for the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period last year, the firm earned $0.60 earnings per share. On average, analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal 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.