BlackRock Inc. raised its position in Planet Fitness, Inc. (NYSE:PLNT) by 108.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,799,995 shares of the company’s stock after acquiring an additional 2,496,984 shares during the quarter. BlackRock Inc. owned approximately 6.62% of Planet Fitness worth $112,033,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Nationwide Fund Advisors increased its position in Planet Fitness by 7.4% in the second quarter. Nationwide Fund Advisors now owns 48,028 shares of the company’s stock worth $1,121,000 after buying an additional 3,295 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Planet Fitness by 61.2% during the second quarter. Ameriprise Financial Inc. now owns 1,099,092 shares of the company’s stock worth $25,647,000 after purchasing an additional 417,076 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Planet Fitness by 181.9% during the second quarter. TIAA CREF Investment Management LLC now owns 226,462 shares of the company’s stock worth $5,286,000 after purchasing an additional 146,138 shares in the last quarter. Teachers Advisors LLC grew its position in shares of Planet Fitness by 114.2% during the second quarter. Teachers Advisors LLC now owns 701,750 shares of the company’s stock worth $16,379,000 after purchasing an additional 374,185 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new stake in shares of Planet Fitness during the second quarter worth about $450,000.
Several research firms have weighed in on PLNT. Roth Capital raised their price target on Planet Fitness from $23.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, August 21st. Zacks Investment Research lowered Planet Fitness from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. Jefferies Group LLC reissued a “buy” rating and set a $29.00 price target (up from $26.00) on shares of Planet Fitness in a research note on Thursday, August 10th. Cowen and Company reissued an “outperform” rating and set a $28.00 price target (up from $23.00) on shares of Planet Fitness in a research note on Thursday, August 10th. Finally, BidaskClub lowered Planet Fitness from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.00.
In related news, CEO Christopher Rondeau sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $26.75, for a total value of $535,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 60,000 shares of company stock valued at $1,581,000. 19.87% of the stock is owned by insiders.
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Shares of Planet Fitness, Inc. (PLNT) opened at 25.90 on Friday. The stock has a market cap of $2.22 billion, a P/E ratio of 44.66 and a beta of 0.86. The firm’s 50-day moving average price is $26.35 and its 200 day moving average price is $26.35. Planet Fitness, Inc. has a 1-year low of $19.56 and a 1-year high of $27.22.
Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. Planet Fitness had a net margin of 8.77% and a negative return on equity of 57.01%. The business had revenue of $107.31 million during the quarter, compared to analysts’ expectations of $101.99 million. During the same period last year, the firm posted $0.17 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. On average, equities analysts expect that Planet Fitness, Inc. will post $0.47 earnings per share for the current fiscal year.
Planet Fitness Profile
Planet Fitness, Inc is a franchisor and operator of fitness centers in the United States. The Company operates through three segments: Franchise; Corporate-owned stores, and Equipment. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, the Dominican Republic and Canada.
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