Truist Financial Corp Sells 2,024 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Truist Financial Corp cut its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT) by 11.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,413 shares of the company’s stock after selling 2,024 shares during the period. Truist Financial Corp’s holdings in Planet Fitness were worth $1,134,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Vanguard Group Inc. grew its position 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 last quarter. Dorsal Capital Management LP boosted its position in 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 buying an additional 207,193 shares during the last quarter. William Blair Investment Management LLC bought a new position in Planet Fitness in the 2nd quarter valued at $166,978,000. Price T Rowe Associates Inc. MD boosted its position in Planet Fitness by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,859,366 shares of the company’s stock valued at $116,453,000 after buying an additional 483,586 shares during the last quarter. Finally, Anomaly Capital Management LP acquired a new position in shares of Planet Fitness during the second quarter valued at $106,795,000. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Stock Performance

NYSE PLNT opened at $80.91 on Monday. The stock has a market cap of $7.13 billion, a price-to-earnings ratio of 46.50, a PEG ratio of 2.69 and a beta of 1.49. The business has a 50 day simple moving average of $80.79 and a 200 day simple moving average of $72.19. Planet Fitness, Inc. has a 52-week low of $50.08 and a 52-week high of $85.08.

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

Insider Activity

In related news, CAO Brian O’donnell sold 6,424 shares of Planet Fitness stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $77.39, for a total value of $497,153.36. Following the sale, the chief accounting officer now owns 6,778 shares of the company’s stock, valued at approximately $524,549.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.94% of the company’s stock.

Analysts Set New Price Targets

PLNT has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Planet Fitness in a research report on Friday, September 27th. They issued a “hold” rating and a $71.00 price objective for the company. TD Cowen raised shares of Planet Fitness from a “hold” rating to a “buy” rating and boosted their price target for the stock from $66.00 to $92.00 in a research note on Monday, June 24th. Robert W. Baird reaffirmed an “outperform” rating and issued a $92.00 price objective on shares of Planet Fitness in a research note on Monday, August 26th. BNP Paribas raised shares of Planet Fitness from a “neutral” rating to an “outperform” rating and set a $97.00 target price for the company in a report on Thursday, September 5th. Finally, Piper Sandler increased their price target on Planet Fitness from $80.00 to $89.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Four equities research 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’s stock. According to MarketBeat.com, Planet Fitness has a consensus rating of “Moderate Buy” and a consensus target price of $84.93.

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.