1248 Management LLC Purchases Shares of 8,376 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 acquired a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,376 shares of the company's stock, valued at approximately $809,000.

A number of other hedge funds have also recently added to or reduced their stakes in PLNT. Brooklyn Investment Group increased its holdings in shares of Planet Fitness by 57.8% during the first quarter. Brooklyn Investment Group now owns 322 shares of the company's stock worth $31,000 after buying an additional 118 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in Planet Fitness by 187.6% in the 1st quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock worth $36,000 after purchasing an additional 242 shares in the last quarter. CoreCap Advisors LLC raised its position in Planet Fitness by 1,250.0% in the fourth quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock valued at $48,000 after purchasing an additional 450 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Planet Fitness by 291.0% during the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock valued at $50,000 after purchasing an additional 387 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Planet Fitness during the fourth quarter worth about $57,000. Institutional investors and hedge funds own 95.53% of the company's stock.

Wall Street Analysts Forecast Growth

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

Planet Fitness Stock Performance

Planet Fitness stock traded down $1.16 during mid-day trading on Wednesday, reaching $99.61. The stock had a trading volume of 690,294 shares, compared to its average volume of 1,458,817. Planet Fitness, Inc. has a fifty-two week low of $77.77 and a fifty-two week high of $114.47. The stock's 50-day simple moving average is $107.06 and its 200-day simple moving average is $102.34. The firm has a market capitalization of $8.39 billion, a PE ratio of 44.27, a price-to-earnings-growth ratio of 2.24 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued 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. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The company had revenue of $340.88 million for the quarter, compared to analyst estimates of $329.59 million. During the same period in the prior year, the firm earned $0.71 earnings per share. Planet Fitness's revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share 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.