Putnam Investments LLC raised its stake in Planet Fitness Inc (NYSE:PLNT) by 376.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,188,398 shares of the company’s stock after acquiring an additional 938,985 shares during the period. Putnam Investments LLC owned 1.28% of Planet Fitness worth $86,087,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Bank of Montreal Can boosted its stake in Planet Fitness by 157.1% in the second quarter. Bank of Montreal Can now owns 486 shares of the company’s stock valued at $35,000 after acquiring an additional 297 shares during the period. Groesbeck Investment Management Corp NJ raised its holdings in shares of Planet Fitness by 4.9% during the second quarter. Groesbeck Investment Management Corp NJ now owns 9,350 shares of the company’s stock valued at $677,000 after buying an additional 440 shares during the last quarter. Synovus Financial Corp raised its holdings in shares of Planet Fitness by 228.3% during the first quarter. Synovus Financial Corp now owns 719 shares of the company’s stock valued at $49,000 after buying an additional 500 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in shares of Planet Fitness by 4.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 17,096 shares of the company’s stock valued at $1,239,000 after buying an additional 701 shares during the last quarter. Finally, Aperio Group LLC raised its holdings in shares of Planet Fitness by 4.7% during the second quarter. Aperio Group LLC now owns 16,832 shares of the company’s stock valued at $1,219,000 after buying an additional 755 shares during the last quarter. Institutional investors own 88.83% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. ValuEngine cut Planet Fitness from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Berenberg Bank cut Planet Fitness from a “buy” rating to a “hold” rating and cut their price target for the company from $80.00 to $69.00 in a report on Tuesday, September 3rd. Raymond James assumed coverage on Planet Fitness in a report on Wednesday, June 26th. They set an “outperform” rating and a $80.00 price target on the stock. Roth Capital lifted their price target on Planet Fitness from $80.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, Imperial Capital reaffirmed an “in-line” rating and set a $72.50 price target (up previously from $55.00) on shares of Planet Fitness in a report on Friday, August 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Planet Fitness currently has a consensus rating of “Buy” and an average price target of $75.61.
NYSE:PLNT traded down $0.40 during midday trading on Wednesday, hitting $62.37. 4,484 shares of the stock were exchanged, compared to its average volume of 1,392,309. Planet Fitness Inc has a one year low of $44.97 and a one year high of $81.90. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 51.20, a P/E/G ratio of 1.83 and a beta of 0.65. The business has a 50-day moving average price of $69.84 and a two-hundred day moving average price of $72.61.
Planet Fitness (NYSE:PLNT) last announced its earnings results on Tuesday, August 6th. The company reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Planet Fitness had a negative return on equity of 46.45% and a net margin of 16.29%. The firm had revenue of $181.66 million for the quarter, compared to analysts’ expectations of $167.91 million. During the same quarter in the previous year, the company earned $0.34 earnings per share. The firm’s quarterly revenue was up 29.2% compared to the same quarter last year. As a group, analysts forecast that Planet Fitness Inc will post 1.57 earnings per share for the current fiscal year.
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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