Wedmont Private Capital Makes New Investment in Planet Fitness, Inc. $PLNT

Wedmont Private Capital acquired a new stake in Planet Fitness, Inc. (NYSE:PLNT) in the 2nd quarter, Holdings Channel reports. The firm acquired 35,790 shares of the company’s stock, valued at approximately $1,837,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Planet Fitness in the fourth quarter valued at $108,796,000. Assenagon Asset Management S.A. acquired a new stake in Planet Fitness in the 2nd quarter valued at about $44,399,000. Freestone Grove Partners LP grew its stake in Planet Fitness by 149.2% in the 3rd quarter. Freestone Grove Partners LP now owns 527,634 shares of the company’s stock valued at $54,768,000 after acquiring an additional 315,941 shares during the last quarter. Montanova Capital LLC purchased a new position in Planet Fitness during the 2nd quarter valued at about $11,473,000. Finally, SRS Investment Management LLC increased its holdings in Planet Fitness by 4.5% during the 4th quarter. SRS Investment Management LLC now owns 4,877,578 shares of the company’s stock valued at $529,071,000 after acquiring an additional 212,145 shares in the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Stephen Spinelli, Jr. bought 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average cost of $49.28 per share, for a total transaction of $492,800.00. Following the completion of the acquisition, the director owned 45,516 shares in the company, valued at $2,243,028.48. This trade represents a 28.16% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PLNT. UBS Group reiterated a “buy” rating on shares of Planet Fitness in a research report on Monday, July 20th. Royal Bank Of Canada reduced their target price on Planet Fitness from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings cut Planet Fitness from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, June 18th. Robert W. Baird set a $72.00 price target on Planet Fitness in a report on Friday, August 7th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Planet Fitness in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.24.

Planet Fitness Stock Performance

PLNT stock opened at $50.78 on Tuesday. The company has a 50 day moving average price of $52.64 and a two-hundred day moving average price of $60.88. The stock has a market capitalization of $3.84 billion, a P/E ratio of 17.21, a PEG ratio of 1.10 and a beta of 1.01. Planet Fitness, Inc. has a one year low of $37.03 and a one year high of $114.26.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.03. Planet Fitness had a negative return on equity of 59.46% and a net margin of 16.88%.The business had revenue of $365.22 million for the quarter, compared to analysts’ expectations of $356.21 million. During the same quarter last year, the firm earned $0.86 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. Planet Fitness has set its FY 2026 guidance at 3.254-3.254 EPS. Research analysts forecast that Planet Fitness, Inc. will post 3.21 earnings per share for the current fiscal year.

Planet Fitness Company Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.