Granite Bay Wealth Management LLC Acquires Shares of 18,900 Planet Fitness, Inc. (NYSE:PLNT)

Granite Bay Wealth Management LLC bought a new position in shares of Planet Fitness, Inc. (NYSE:PLNT) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 18,900 shares of the company’s stock, valued at approximately $1,391,000.

Several other large investors have also made changes to their positions in PLNT. Broad Bay Capital Management LP grew its position in shares of 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 worth $89,279,000 after buying an additional 163,000 shares during the period. Vanguard Group Inc. grew its holdings in Planet Fitness by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after acquiring an additional 97,823 shares during the period. Bessemer Group Inc. raised its position in shares of Planet Fitness by 24.9% during the 1st quarter. Bessemer Group Inc. now owns 228,877 shares of the company’s stock valued at $14,335,000 after acquiring an additional 45,623 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in shares of Planet Fitness during the 1st quarter valued at $1,786,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Planet Fitness by 5.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 223,841 shares of the company’s stock valued at $14,019,000 after purchasing an additional 10,564 shares during the period. Institutional investors and hedge funds own 95.53% of the company’s stock.

Planet Fitness Price Performance

Shares of PLNT opened at $81.22 on Tuesday. The company’s 50-day moving average is $79.48 and its 200-day moving average is $70.76. The firm has a market capitalization of $6.92 billion, a PE ratio of 46.68, a PEG ratio of 2.79 and a beta of 1.49. Planet Fitness, Inc. has a fifty-two week low of $46.50 and a fifty-two week high of $85.08.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data 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. The firm had revenue of $300.94 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.65 EPS. Analysts predict that Planet Fitness, Inc. will post 2.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PLNT has been the subject of a number of analyst reports. Piper Sandler lifted 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. Royal Bank of Canada upped their price target on Planet Fitness from $77.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Planet Fitness from $78.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Robert W. Baird reaffirmed an “outperform” rating and issued a $92.00 target price on shares of Planet Fitness in a research note on Monday, August 26th. Finally, Jefferies Financial Group upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and increased their target price for the stock from $62.00 to $100.00 in a report on Monday, June 10th. Four equities research 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 company. According to MarketBeat.com, Planet Fitness has an average rating of “Moderate Buy” and an average target price of $84.93.

Insider Buying and Selling

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

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.