1248 Management LLC Makes New Investment in Planet Fitness, Inc. $PLNT

Key Points

• 1248 Management LLC invested $809,000 in Planet Fitness, acquiring 8,376 shares during the 1st quarter, as reported in their 13F filing.
• Shares of Planet Fitness (NYSE:PLNT) have shown significant institutional interest, with over 95.53% of the stock owned by institutional investors, including notable increases by several hedge funds.
• Analysts have set target prices for Planet Fitness ranging from $120.00 to $126.00, with a consensus rating of "Moderate Buy" and an average target price of $108.64.

1248 Management LLC bought a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 8,376 shares of the company's stock, valued at approximately $809,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Brooklyn Investment Group raised its stake in Planet Fitness by 57.8% during the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company's stock valued at $31,000 after acquiring an additional 118 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Planet Fitness by 187.6% during the 1st quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after buying an additional 242 shares during the last quarter. CoreCap Advisors LLC grew its holdings in Planet Fitness by 1,250.0% during the 4th quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock valued at $48,000 after buying an additional 450 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Planet Fitness by 291.0% during the 1st quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock worth $50,000 after purchasing an additional 387 shares during the period. Finally, Lazard Asset Management LLC purchased a new position in shares of Planet Fitness during the 4th quarter worth $57,000. 95.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on PLNT shares. Stifel Nicolaus set a $120.00 target price on Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Canaccord Genuity Group reiterated a "buy" rating and issued a $126.00 price target on shares of Planet Fitness in a research note on Monday. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Planet Fitness presently has a consensus rating of "Moderate Buy" and an average price target of $108.64.

Planet Fitness Price Performance

NYSE:PLNT traded up $0.15 during trading hours on Tuesday, reaching $100.71. The company's stock had a trading volume of 1,791,011 shares, compared to its average volume of 1,459,787. The company has a market cap of $8.48 billion, a price-to-earnings ratio of 44.76, a price-to-earnings-growth ratio of 2.26 and a beta of 1.37. Planet Fitness, Inc. has a one year low of $77.77 and a one year high of $114.47. The business's 50-day moving average is $107.18 and its 200-day moving average is $102.35.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. The firm had revenue of $340.88 million during the quarter, compared to analyst estimates of $329.59 million. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The business's revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 EPS. On average, sell-side analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.