Kovack Advisors Inc. acquired a new stake in Planet Fitness Inc (NYSE:PLNT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,256 shares of the company’s stock, valued at approximately $230,000.
A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Planet Fitness by 10.7% in the 2nd quarter. BlackRock Inc. now owns 6,027,451 shares of the company’s stock valued at $264,845,000 after acquiring an additional 581,619 shares during the last quarter. Jennison Associates LLC raised its holdings in Planet Fitness by 0.7% in the 2nd quarter. Jennison Associates LLC now owns 2,541,081 shares of the company’s stock valued at $111,655,000 after acquiring an additional 18,914 shares during the last quarter. FMR LLC raised its holdings in Planet Fitness by 407.9% in the 2nd quarter. FMR LLC now owns 2,527,143 shares of the company’s stock valued at $111,043,000 after acquiring an additional 2,029,530 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Planet Fitness by 7.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,719,972 shares of the company’s stock valued at $64,963,000 after acquiring an additional 120,286 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Planet Fitness by 5.8% in the 2nd quarter. Victory Capital Management Inc. now owns 1,330,497 shares of the company’s stock valued at $58,462,000 after acquiring an additional 72,422 shares during the last quarter. Institutional investors own 92.40% of the company’s stock.
PLNT has been the subject of a number of recent research reports. TheStreet upgraded shares of Planet Fitness from a “c-” rating to a “b” rating in a report on Monday, August 6th. Piper Jaffray Companies reiterated a “buy” rating and issued a $60.00 price objective on shares of Planet Fitness in a report on Sunday, August 12th. Roth Capital set a $55.00 price objective on shares of Planet Fitness and gave the company a “buy” rating in a report on Saturday, August 11th. Bank of America increased their price objective on shares of Planet Fitness from $45.00 to $56.00 and gave the company a “buy” rating in a report on Thursday, July 12th. Finally, Zacks Investment Research upgraded shares of Planet Fitness from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Wednesday, July 11th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Planet Fitness presently has a consensus rating of “Buy” and an average target price of $50.15.
Shares of NYSE PLNT opened at $46.42 on Friday. The company has a market cap of $5.32 billion, a PE ratio of 55.12, a PEG ratio of 2.48 and a beta of 0.54. The company has a debt-to-equity ratio of -7.61, a current ratio of 2.08 and a quick ratio of 2.05. Planet Fitness Inc has a 1 year low of $25.55 and a 1 year high of $55.35.
Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, August 9th. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.03. The business had revenue of $140.55 million during the quarter, compared to the consensus estimate of $130.99 million. Planet Fitness had a net margin of 11.68% and a negative return on equity of 82.89%. The business’s revenue was up 31.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.22 EPS. On average, sell-side analysts expect that Planet Fitness Inc will post 1.13 EPS for the current fiscal year.
In other news, CFO Dorvin D. Lively sold 31,893 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $50.82, for a total transaction of $1,620,802.26. Following the completion of the sale, the chief financial officer now owns 31,893 shares in the company, valued at approximately $1,620,802.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher Rondeau sold 2,300 shares of the firm’s stock in a transaction that occurred on Friday, July 20th. The stock was sold at an average price of $50.01, for a total transaction of $115,023.00. The disclosure for this sale can be found here. Insiders have sold a total of 638,272 shares of company stock valued at $32,174,956 in the last 90 days. Insiders own 16.38% of the company’s stock.
About Planet Fitness
Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness name. It operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, the Dominican Republic, and Panama.
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