Planet Fitness, Inc. (NYSE:PLNT) Shares Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. increased its position in shares of Planet Fitness, Inc. (NYSE:PLNT) by 169.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,317,909 shares of the company’s stock after purchasing an additional 829,509 shares during the period. Point72 Asset Management L.P.’s holdings in Planet Fitness were worth $96,985,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Planet Fitness by 478.8% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $28,000 after purchasing an additional 316 shares in the last quarter. LRI Investments LLC increased its holdings in Planet Fitness by 61.2% in the second quarter. LRI Investments LLC now owns 403 shares of the company’s stock valued at $30,000 after buying an additional 153 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of Planet Fitness during the 1st quarter valued at approximately $27,000. Dnca Finance acquired a new stake in shares of Planet Fitness during the 2nd quarter valued at approximately $82,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Planet Fitness during the 1st quarter worth approximately $148,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Planet Fitness

In related news, CAO Brian O’donnell sold 6,424 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 5.94% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and set a $79.00 price objective on shares of Planet Fitness in a report on Friday, June 14th. Piper Sandler upped their price objective on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. BMO Capital Markets reiterated an “outperform” rating and set a $87.00 price objective (up previously from $80.00) on shares of Planet Fitness in a research report on Wednesday, August 7th. TD Cowen upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and upped their target price for the company from $66.00 to $92.00 in a report on Monday, June 24th. Finally, Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and lifted their price target for the company from $62.00 to $100.00 in a report on Monday, June 10th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.93.

Planet Fitness Trading Up 1.8 %

Shares of Planet Fitness stock opened at $83.51 on Wednesday. The company has a fifty day moving average price of $79.08 and a 200 day moving average price of $70.23. Planet Fitness, Inc. has a twelve month low of $44.13 and a twelve month high of $85.08. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of 47.99, a price-to-earnings-growth ratio of 2.74 and a beta of 1.49.

Planet Fitness (NYSE:PLNT) last posted its earnings results on Tuesday, August 6th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The business had revenue of $300.94 million during the quarter, compared to analyst estimates of $290.17 million. Planet Fitness had a negative return on equity of 121.99% and a net margin of 14.16%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 earnings per share. Analysts forecast that Planet Fitness, Inc. will post 2.44 earnings per share for the current 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.