Broad Bay Capital Management LP boosted its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 15.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,223,000 shares of the company's stock after acquiring an additional 163,000 shares during the quarter. Planet Fitness accounts for 10.4% of Broad Bay Capital Management LP's portfolio, making the stock its 3rd biggest holding. Broad Bay Capital Management LP owned about 1.39% of Planet Fitness worth $89,279,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. Cadian Capital Management LP lifted its holdings in Planet Fitness by 164.7% during the third quarter. Cadian Capital Management LP now owns 4,043,507 shares of the company's stock worth $198,860,000 after buying an additional 2,516,007 shares during the period. Dorsal Capital Management LP purchased a new stake in Planet Fitness in the fourth quarter valued at $182,500,000. Norges Bank purchased a new stake in shares of Planet Fitness in the fourth quarter worth about $65,674,000. Hawk Ridge Capital Management LP purchased a new stake in Planet Fitness in the 3rd quarter worth approximately $29,476,000. Finally, Junto Capital Management LP boosted its holdings in Planet Fitness by 255.4% during the fourth quarter. Junto Capital Management LP now owns 756,934 shares of the company's stock worth $55,256,000 after buying an additional 543,942 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages have commented on PLNT. Jefferies Financial Group raised Planet Fitness from a "hold" rating to a "buy" rating and raised their price objective for the company from $62.00 to $100.00 in a report on Monday. Robert W. Baird upped their target price on Planet Fitness from $80.00 to $88.00 and gave the company an "outperform" rating in a report on Friday, May 10th. StockNews.com raised shares of Planet Fitness from a "sell" rating to a "hold" rating in a research note on Wednesday, May 8th. Raymond James raised their price objective on Planet Fitness from $75.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 10th. Finally, JPMorgan Chase & Co. upgraded shares of Planet Fitness from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $68.00 to $78.00 in a report on Tuesday, May 14th. Five analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $75.00.
Get Our Latest Report on Planet Fitness
Planet Fitness Trading Down 1.9 %
PLNT traded down $1.35 on Friday, hitting $71.15. 1,418,573 shares of the company were exchanged, compared to its average volume of 1,725,951. The company has a market cap of $6.27 billion, a price-to-earnings ratio of 40.85, a price-to-earnings-growth ratio of 2.43 and a beta of 1.43. The firm has a 50-day moving average price of $63.35 and a two-hundred day moving average price of $66.17. Planet Fitness, Inc. has a twelve month low of $44.13 and a twelve month high of $75.86.
Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.49 by $0.04. The company had revenue of $248.00 million for the quarter, compared to the consensus estimate of $249.48 million. Planet Fitness had a net margin of 13.66% and a negative return on equity of 140.14%. The company's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. Equities analysts expect that Planet Fitness, Inc. will post 2.43 EPS for the current year.
About Planet Fitness
(Free Report)
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.
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