Commonwealth Equity Services LLC Lowers Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Commonwealth Equity Services LLC trimmed its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 1.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,651 shares of the company’s stock after selling 412 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Planet Fitness were worth $2,256,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in shares of Planet Fitness by 17.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 897,910 shares of the company’s stock worth $65,549,000 after acquiring an additional 133,541 shares during the last quarter. Broad Bay Capital Management LP increased its stake in Planet Fitness by 15.4% during the 4th quarter. Broad Bay Capital Management LP now owns 1,223,000 shares of the company’s stock valued at $89,279,000 after purchasing an additional 163,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Planet Fitness by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after buying an additional 97,823 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Planet Fitness by 24.9% in the first quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock worth $14,335,000 after buying an additional 45,623 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Planet Fitness during the first quarter worth $1,786,000. Institutional investors own 95.53% of the company’s stock.

Planet Fitness Stock Performance

NYSE PLNT opened at $82.31 on Friday. The business has a fifty day moving average price of $77.68 and a 200 day moving average price of $69.06. The company has a market cap of $7.01 billion, a P/E ratio of 47.30, a P/E/G ratio of 2.73 and a beta of 1.49. Planet Fitness, Inc. has a one year low of $44.13 and a one year high of $83.36.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $300.94 million for the quarter, compared to analyst estimates of $290.17 million. Planet Fitness had a net margin of 14.16% and a negative return on equity of 121.99%. During the same period 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. As a group, sell-side analysts predict that Planet Fitness, Inc. will post 2.44 EPS for the current fiscal year.

Insider Transactions at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the completion of the sale, the chief accounting officer now directly owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PLNT shares. BMO Capital Markets reissued an “outperform” rating and issued a $87.00 target price (up from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. BNP Paribas upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 price target on the stock in a research note on Thursday, September 5th. Piper Sandler raised their price objective on Planet Fitness from $80.00 to $89.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and upped their target price for the company from $62.00 to $100.00 in a research report on Monday, June 10th. Finally, TD Cowen raised shares of Planet Fitness from a “hold” rating to a “buy” rating and raised their price target for the stock from $66.00 to $92.00 in a research report on Monday, June 24th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.87.

Planet Fitness 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.