Man Group plc Invests $9.88 Million in Planet Fitness, Inc. (NYSE:PLNT)

Man Group plc acquired a new position in shares of Planet Fitness, Inc. (NYSE:PLNT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 99,880 shares of the company’s stock, valued at approximately $9,875,000. Man Group plc owned about 0.12% of Planet Fitness as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. raised its position in Planet Fitness by 48.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company’s stock worth $782,169,000 after purchasing an additional 2,570,826 shares during the period. Ninety One UK Ltd purchased a new position in Planet Fitness in the 4th quarter worth $130,376,000. Norges Bank purchased a new position in Planet Fitness in the 4th quarter worth $100,009,000. Nomura Holdings Inc. raised its position in Planet Fitness by 103.4% in the 4th quarter. Nomura Holdings Inc. now owns 11,170 shares of the company’s stock worth $1,104,000 after purchasing an additional 340,370 shares during the period. Finally, Invesco Ltd. raised its position in Planet Fitness by 199.7% in the 4th quarter. Invesco Ltd. now owns 482,732 shares of the company’s stock worth $47,728,000 after purchasing an additional 321,644 shares during the period. 95.53% of the stock is owned by institutional investors.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $98.93 on Monday. Planet Fitness, Inc. has a 1 year low of $60.56 and a 1 year high of $110.00. The company’s 50-day moving average is $96.47 and its 200 day moving average is $98.46. The stock has a market capitalization of $8.33 billion, a P/E ratio of 53.19, a P/E/G ratio of 2.45 and a beta of 1.33.

Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.03). Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company had revenue of $276.66 million for the quarter, compared to analysts’ expectations of $279.80 million. During the same quarter in the prior year, the firm earned $0.53 EPS. Planet Fitness’s quarterly revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PLNT shares. BMO Capital Markets lifted their target price on shares of Planet Fitness from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Monday, March 31st. Canaccord Genuity Group assumed coverage on shares of Planet Fitness in a research report on Thursday, March 13th. They issued a “buy” rating and a $120.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $120.00 price objective on shares of Planet Fitness in a research report on Monday, February 24th. Macquarie restated a “neutral” rating and issued a $95.00 price objective on shares of Planet Fitness in a research report on Tuesday, May 13th. Finally, Stifel Nicolaus decreased their price objective on shares of Planet Fitness from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, February 28th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $103.00.

Planet Fitness Company Profile

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.