Planet Fitness (PLNT) Sets New 52-Week High on Strong Earnings

Planet Fitness Inc (NYSE:PLNT) shares hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $57.25 and last traded at $56.51, with a volume of 159746 shares. The stock had previously closed at $47.48.

The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.04. The business had revenue of $136.66 million for the quarter, compared to analyst estimates of $126.10 million. Planet Fitness had a negative return on equity of 82.89% and a net margin of 11.68%. The company’s revenue was up 40.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 EPS.

Several research firms have recently weighed in on PLNT. Bank of America lifted their price objective on Planet Fitness from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday. ValuEngine raised Planet Fitness from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 14th. Imperial Capital lifted their price objective on Planet Fitness from $40.00 to $45.00 and gave the company an “inline” rating in a research note on Friday, August 10th. JPMorgan Chase & Co. lowered Planet Fitness from an “overweight” rating to a “neutral” rating and set a $22.00 price objective on the stock. in a research note on Monday, August 13th. Finally, Cowen reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Planet Fitness in a research note on Sunday, August 12th. One analyst has rated the stock with a sell rating, three have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $50.77.

In related news, CEO Christopher Rondeau sold 80,000 shares of the business’s stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $50.81, for a total transaction of $4,064,800.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Dorvin D. Lively sold 31,893 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $50.82, for a total value of $1,620,802.26. Following the transaction, the chief financial officer now directly owns 31,893 shares in the company, valued at $1,620,802.26. The disclosure for this sale can be found here. Insiders have sold a total of 520,226 shares of company stock worth $26,271,812 over the last three months. 16.38% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in PLNT. California Public Employees Retirement System increased its holdings in Planet Fitness by 20.1% during the 1st quarter. California Public Employees Retirement System now owns 32,080 shares of the company’s stock worth $1,212,000 after purchasing an additional 5,380 shares during the last quarter. UBS Group AG increased its holdings in Planet Fitness by 6.4% during the 1st quarter. UBS Group AG now owns 43,964 shares of the company’s stock worth $1,661,000 after purchasing an additional 2,659 shares during the last quarter. Millennium Management LLC increased its holdings in Planet Fitness by 64.2% during the 1st quarter. Millennium Management LLC now owns 64,845 shares of the company’s stock worth $2,449,000 after purchasing an additional 25,350 shares during the last quarter. KAMES CAPITAL plc increased its holdings in Planet Fitness by 18.6% during the 2nd quarter. KAMES CAPITAL plc now owns 45,850 shares of the company’s stock worth $2,011,000 after purchasing an additional 7,190 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its holdings in Planet Fitness by 19.2% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 14,281 shares of the company’s stock worth $628,000 after purchasing an additional 2,300 shares during the last quarter. 92.92% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $4.75 billion, a PE ratio of 66.52, a P/E/G ratio of 2.21 and a beta of 0.75.

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About Planet Fitness (NYSE:PLNT)

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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