Patten & Patten Inc. TN Decreases Holdings in Planet Fitness, Inc. $PLNT

Patten & Patten Inc. TN trimmed its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 11.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 14,049 shares of the company’s stock after selling 1,882 shares during the quarter. Patten & Patten Inc. TN’s holdings in Planet Fitness were worth $1,532,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group lifted its stake in shares of Planet Fitness by 57.8% in the first quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock worth $31,000 after buying an additional 118 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Planet Fitness by 4.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,235 shares of the company’s stock worth $313,000 after buying an additional 126 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Planet Fitness by 7.4% in the first quarter. GAMMA Investing LLC now owns 2,245 shares of the company’s stock worth $217,000 after buying an additional 155 shares in the last quarter. Xponance Inc. lifted its stake in shares of Planet Fitness by 1.1% in the first quarter. Xponance Inc. now owns 13,767 shares of the company’s stock worth $1,330,000 after buying an additional 156 shares in the last quarter. Finally, State of Michigan Retirement System lifted its stake 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 worth $1,942,000 after buying an additional 200 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Planet Fitness Price Performance

Shares of PLNT opened at $92.51 on Friday. Planet Fitness, Inc. has a 1-year low of $77.77 and a 1-year high of $114.47. The stock has a market cap of $7.79 billion, a PE ratio of 41.12, a P/E/G ratio of 2.10 and a beta of 1.38. The firm has a 50-day simple moving average of $102.25 and a two-hundred day simple moving average of $102.60.

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

Planet Fitness Company 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.