Rhumbline Advisers Buys 4,768 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Rhumbline Advisers raised its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 2.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 243,523 shares of the company’s stock after acquiring an additional 4,768 shares during the period. Rhumbline Advisers’ holdings in Planet Fitness were worth $17,921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Fidelis Capital Partners LLC bought a new position in shares of Planet Fitness in the 1st quarter worth approximately $27,000. GAMMA Investing LLC lifted its stake in shares of Planet Fitness by 478.8% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $28,000 after purchasing an additional 316 shares during the period. LRI Investments LLC lifted its stake in shares of Planet Fitness by 61.2% in the 2nd quarter. LRI Investments LLC now owns 403 shares of the company’s stock worth $30,000 after purchasing an additional 153 shares during the period. Dnca Finance bought a new position in shares of Planet Fitness in the 2nd quarter worth approximately $82,000. Finally, Quadrant Capital Group LLC lifted its stake in shares of Planet Fitness by 169.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,181 shares of the company’s stock worth $86,000 after purchasing an additional 743 shares during the period. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Price Performance

Shares of PLNT opened at $80.84 on Tuesday. Planet Fitness, Inc. has a 1 year low of $44.13 and a 1 year high of $83.36. The company has a 50 day simple moving average of $77.22 and a two-hundred day simple moving average of $68.75. The firm has a market cap of $6.88 billion, a P/E ratio of 46.46, a price-to-earnings-growth ratio of 2.73 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. The company had revenue of $300.94 million for the quarter, compared to analysts’ expectations of $290.17 million. During the same quarter in the previous year, the business posted $0.65 earnings per share. Planet Fitness’s quarterly revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that Planet Fitness, Inc. will post 2.44 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Brian O’donnell sold 6,424 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $77.39, for a total value of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares in the company, valued at $524,549.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.94% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PLNT. Morgan Stanley reiterated an “overweight” rating and issued a $79.00 price objective on shares of Planet Fitness in a research note on Friday, June 14th. Bank of America increased their price objective on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler raised their target price on shares of Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. TD Cowen upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their target price for the stock from $66.00 to $92.00 in a research note on Monday, June 24th. Finally, Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their target price for the stock from $62.00 to $100.00 in a research note on Monday, June 10th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $84.87.

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.