Sea Cliff Partners Management LP Takes Position in Planet Fitness, Inc. (NYSE:PLNT)

Sea Cliff Partners Management LP bought a new stake in Planet Fitness, Inc. (NYSE:PLNT) during the 2nd quarter, Holdings Channel reports. The fund bought 67,602 shares of the company’s stock, valued at approximately $4,975,000. Planet Fitness accounts for about 1.7% of Sea Cliff Partners Management LP’s investment portfolio, making the stock its 13th largest holding.

Several other hedge funds also recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in shares of Planet Fitness by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 74,918 shares of the company’s stock valued at $5,513,000 after purchasing an additional 463 shares during the last quarter. Dorsal Capital Management LP boosted its stake in shares of Planet Fitness by 7.7% in the 2nd quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock valued at $213,940,000 after purchasing an additional 207,193 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of Planet Fitness in the 2nd quarter valued at about $207,000. Armistice Capital LLC boosted its stake in shares of Planet Fitness by 34.1% in the 2nd quarter. Armistice Capital LLC now owns 314,214 shares of the company’s stock valued at $23,123,000 after purchasing an additional 79,943 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Planet Fitness by 169.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,317,909 shares of the company’s stock worth $96,985,000 after acquiring an additional 829,509 shares during the last quarter. Institutional investors own 95.53% of the company’s stock.

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 stock was sold at an average price of $77.39, for a total transaction of $497,153.36. Following the completion of the transaction, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at $524,549.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.94% of the stock is currently owned by company insiders.

Planet Fitness Price Performance

PLNT stock opened at $82.73 on Friday. The company has a fifty day moving average price of $79.30 and a two-hundred day moving average price of $70.40. Planet Fitness, Inc. has a one year low of $44.95 and a one year high of $85.08. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of 47.55, a price-to-earnings-growth ratio of 2.74 and a beta of 1.49.

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

Analyst Ratings Changes

Several analysts have commented on PLNT shares. 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 report on Monday, June 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Planet Fitness in a report on Friday. They set a “hold” rating and a $71.00 target price on the stock. 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 report on Monday, June 24th. Bank of America raised their target price on shares of Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $87.00 price objective (up from $80.00) on shares of Planet Fitness in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $84.93.

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.