Delta Investment Management LLC Acquires New Position in Planet Fitness Inc (PLNT)

Delta Investment Management LLC acquired a new stake in Planet Fitness Inc (NYSE:PLNT) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 37,111 shares of the company’s stock, valued at approximately $2,550,000. Planet Fitness accounts for about 2.2% of Delta Investment Management LLC’s portfolio, making the stock its 11th biggest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PLNT. Prudential Financial Inc. increased its stake in shares of Planet Fitness by 2.2% in the 4th quarter. Prudential Financial Inc. now owns 9,627 shares of the company’s stock worth $516,000 after acquiring an additional 203 shares during the last quarter. 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 purchasing an additional 264 shares during the period. ETRADE Capital Management LLC grew its holdings in shares of Planet Fitness by 4.0% during the 4th quarter. ETRADE Capital Management LLC now owns 6,864 shares of the company’s stock worth $368,000 after purchasing an additional 267 shares during the period. National Asset Management Inc. grew its holdings in shares of Planet Fitness by 2.5% during the 4th quarter. National Asset Management Inc. now owns 11,574 shares of the company’s stock worth $621,000 after purchasing an additional 278 shares during the period. Finally, 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 purchasing an additional 284 shares during the period. 96.21% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness stock traded up $0.45 during midday trading on Wednesday, reaching $78.90. 10,043 shares of the stock traded hands, compared to its average volume of 1,538,836. Planet Fitness Inc has a 12-month low of $38.32 and a 12-month high of $78.99. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of 64.69, a price-to-earnings-growth ratio of 2.26 and a beta of 0.76.

Planet Fitness (NYSE:PLNT) last announced its earnings results on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $148.82 million during the quarter, compared to analysts’ expectations of $153.41 million. During the same period last year, the business posted $0.27 EPS. Planet Fitness’s revenue for the quarter was up 22.7% on a year-over-year basis. Equities research analysts anticipate that Planet Fitness Inc will post 1.55 EPS for the current year.

A number of research firms have recently weighed in on PLNT. Zacks Investment Research cut Planet Fitness from a “buy” rating to a “hold” rating in a report on Friday, February 15th. Robert W. Baird reiterated an “outperform” rating and set a $80.00 price target (up from $75.00) on shares of Planet Fitness in a report on Monday, April 29th. ValuEngine cut Planet Fitness from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Piper Jaffray Companies increased their price target on Planet Fitness from $70.00 to $84.00 and gave the stock an “overweight” rating in a report on Monday, April 29th. They noted that the move was a valuation call. Finally, Wedbush increased their price target on Planet Fitness from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, February 27th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $67.57.

In other news, Director David P. Berg sold 6,291 shares of Planet Fitness stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $61.73, for a total value of $388,343.43. Following the completion of the transaction, the director now owns 6,615 shares in the company, valued at approximately $408,343.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Christopher Rondeau sold 15,500 shares of Planet Fitness stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $60.53, for a total value of $938,215.00. The disclosure for this sale can be found here. Insiders sold a total of 466,291 shares of company stock valued at $29,813,238 in the last quarter. Company insiders own 14.52% of the company’s stock.

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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.

Further Reading: What is a Real Estate Investment Trust (REIT)?

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Institutional Ownership by Quarter for Planet Fitness (NYSE:PLNT)

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