Greenvale Capital LLP Has $169.26 Million Stake in Planet Fitness, Inc. (NYSE:PLNT)

Greenvale Capital LLP decreased its stake in shares of Planet Fitness, Inc. (NYSE:PLNT) by 9.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,300,000 shares of the company’s stock after selling 235,307 shares during the quarter. Planet Fitness comprises about 10.6% of Greenvale Capital LLP’s investment portfolio, making the stock its 2nd biggest holding. Greenvale Capital LLP’s holdings in Planet Fitness were worth $169,257,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PLNT. Vanguard Group Inc. boosted its stake in Planet Fitness by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 8,174,617 shares of the company’s stock worth $511,976,000 after purchasing an additional 97,823 shares in the last quarter. Cadian Capital Management LP raised its holdings in Planet Fitness by 9.6% in the fourth quarter. Cadian Capital Management LP now owns 4,430,368 shares of the company’s stock worth $323,417,000 after buying an additional 386,861 shares during the last quarter. Dorsal Capital Management LP lifted its stake in shares of Planet Fitness by 7.7% in the second quarter. Dorsal Capital Management LP now owns 2,907,193 shares of the company’s stock worth $213,940,000 after buying an additional 207,193 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Planet Fitness during the second quarter valued at approximately $166,978,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Planet Fitness by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock valued at $116,453,000 after acquiring an additional 483,586 shares in the last quarter. 95.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. BNP Paribas upgraded Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price on the stock in a research note on Thursday, September 5th. Bank of America lifted their price objective on Planet Fitness from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Piper Sandler upped their target price on shares of Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Royal Bank of Canada lifted their price target on shares of Planet Fitness from $77.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Planet Fitness in a report on Friday. They issued a “hold” rating and a $71.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $84.93.

Planet Fitness Price Performance

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

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

Insiders Place Their Bets

In related news, CAO Brian O’donnell sold 6,424 shares of the company’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 transaction, 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 SEC, which is available through this hyperlink. 5.94% of the stock is currently owned by corporate insiders.

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.