Redwood Investments LLC lifted its stake in Planet Fitness Inc (NYSE:PLNT) by 68.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 355,898 shares of the company’s stock after buying an additional 144,124 shares during the period. Planet Fitness makes up 1.8% of Redwood Investments LLC’s portfolio, making the stock its 4th biggest position. Redwood Investments LLC owned 0.38% of Planet Fitness worth $24,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc grew its holdings in Planet Fitness by 3.4% in the 3rd quarter. Vanguard Group Inc now owns 8,597,408 shares of the company’s stock worth $464,518,000 after buying an additional 280,726 shares in the last quarter. FMR LLC boosted its stake in Planet Fitness by 57.7% during the 4th quarter. FMR LLC now owns 7,135,122 shares of the company’s stock valued at $382,585,000 after purchasing an additional 2,610,693 shares in the last quarter. BlackRock Inc. boosted its stake in Planet Fitness by 4.3% during the 4th quarter. BlackRock Inc. now owns 6,386,708 shares of the company’s stock valued at $342,456,000 after purchasing an additional 265,922 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in Planet Fitness by 10.2% during the 4th quarter. Lord Abbett & CO. LLC now owns 2,283,796 shares of the company’s stock valued at $122,457,000 after purchasing an additional 210,503 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Planet Fitness by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 965,938 shares of the company’s stock worth $51,792,000 after acquiring an additional 66,192 shares in the last quarter. 93.95% of the stock is owned by institutional investors.
PLNT stock traded down $0.95 during trading on Friday, reaching $77.96. 1,287,424 shares of the stock were exchanged, compared to its average volume of 1,197,688. Planet Fitness Inc has a twelve month low of $42.06 and a twelve month high of $81.76. The company has a market cap of $7.34 billion, a PE ratio of 63.90, a price-to-earnings-growth ratio of 2.36 and a beta of 0.72.
Planet Fitness (NYSE:PLNT) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $148.82 million during the quarter, compared to analysts’ expectations of $153.41 million. Planet Fitness had a net margin of 15.91% and a negative return on equity of 53.73%. The company’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 earnings per share. Research analysts predict that Planet Fitness Inc will post 1.55 EPS for the current fiscal year.
In related news, CEO Christopher Rondeau sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $65.86, for a total value of $13,172,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 14.52% of the company’s stock.
PLNT has been the subject of several research reports. Cowen reissued an “average” rating and set a $85.00 price objective (up from $65.00) on shares of Planet Fitness in a research note on Monday, April 29th. Bank of America restated a “buy” rating and issued a $86.00 target price (up previously from $72.00) on shares of Planet Fitness in a report on Wednesday, May 1st. ValuEngine lowered Planet Fitness from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Roth Capital increased their price objective on Planet Fitness from $55.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Finally, DA Davidson increased their price objective on Planet Fitness to $70.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Planet Fitness has an average rating of “Buy” and a consensus price target of $67.57.
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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.
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