Redwood Investments LLC raised its holdings in shares of Planet Fitness Inc (NYSE:PLNT) by 68.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 355,898 shares of the company’s stock after buying an additional 144,124 shares during the quarter. Planet Fitness comprises about 1.8% of Redwood Investments LLC’s holdings, making the stock its 4th largest position. Redwood Investments LLC’s holdings in Planet Fitness were worth $24,457,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Ffcm LLC bought a new stake in shares of Planet Fitness in the 4th quarter valued at about $26,000. Meeder Asset Management Inc. grew its holdings in shares of Planet Fitness by 99.3% during the 4th quarter. Meeder Asset Management Inc. now owns 570 shares of the company’s stock worth $31,000 after acquiring an additional 284 shares during the period. Quantamental Technologies LLC purchased a new position in shares of Planet Fitness during the 1st quarter worth approximately $73,000. Bessemer Group Inc. grew its holdings in shares of Planet Fitness by 30.6% during the 4th quarter. Bessemer Group Inc. now owns 1,127 shares of the company’s stock worth $60,000 after acquiring an additional 264 shares during the period. Finally, Comerica Bank purchased a new position in shares of Planet Fitness during the 1st quarter worth approximately $201,000. Institutional investors and hedge funds own 96.21% of the company’s stock.
Several analysts recently weighed in on PLNT shares. Zacks Investment Research downgraded Planet Fitness from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. Jefferies Financial Group upgraded Planet Fitness from a “hold” rating to a “buy” rating and upped their price target for the stock from $49.00 to $75.00 in a research note on Friday, February 22nd. They noted that the move was a valuation call. Wedbush upped their price target on Planet Fitness from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 27th. DA Davidson upped their price target on Planet Fitness to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Finally, Roth Capital upped their price target on Planet Fitness from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $67.57.
PLNT traded down $0.02 during trading on Friday, hitting $80.70. 6,511 shares of the company’s stock traded hands, compared to its average volume of 1,530,757. Planet Fitness Inc has a 12-month low of $38.32 and a 12-month high of $81.14. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 66.16, a P/E/G ratio of 2.36 and a beta of 0.76.
Planet Fitness (NYSE:PLNT) last issued its earnings results on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Planet Fitness had a negative return on equity of 53.73% and a net margin of 15.91%. The business had revenue of $148.82 million for the quarter, compared to the consensus estimate of $153.41 million. During the same period last year, the business posted $0.27 EPS. The company’s revenue was up 22.7% compared to the same quarter last year. Equities analysts expect that Planet Fitness Inc will post 1.55 earnings per share for the current fiscal year.
In other news, Director David P. Berg sold 6,291 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $61.73, for a total transaction of $388,343.43. Following the transaction, the director now directly owns 6,615 shares of the company’s stock, valued at approximately $408,343.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher Rondeau sold 6,000 shares of the stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $60.53, for a total value of $363,180.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 466,291 shares of company stock worth $29,813,238. Company insiders own 14.52% of the company’s stock.
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Planet Fitness Profile
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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