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

Key Points

• 1248 Management LLC has acquired a new stake in Planet Fitness, purchasing 6,323 shares valued at approximately $611,000.
• Institutions now own 95.53% of Planet Fitness stock, with various investors increasing their positions during the first quarter.
• Wall Street analysts have set price targets for Planet Fitness ranging from $95.00 to $126.00, with an average rating of "Moderate Buy" and a price target of $107.38.

1248 Management LLC bought a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 6,323 shares of the company's stock, valued at approximately $611,000.

Other large investors have also recently bought and sold shares of the company. Brooklyn Investment Group raised its position in Planet Fitness by 57.8% in the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company's stock valued at $31,000 after purchasing an additional 118 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Planet Fitness by 4.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,235 shares of the company's stock valued at $313,000 after purchasing an additional 126 shares during the last quarter. GAMMA Investing LLC raised its position in Planet Fitness by 7.4% in the 1st quarter. GAMMA Investing LLC now owns 2,245 shares of the company's stock valued at $217,000 after purchasing an additional 155 shares during the last quarter. Xponance Inc. raised its position in Planet Fitness by 1.1% in the 1st quarter. Xponance Inc. now owns 13,767 shares of the company's stock valued at $1,330,000 after purchasing an additional 156 shares during the last quarter. Finally, State of Michigan Retirement System raised its position in Planet Fitness by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 20,100 shares of the company's stock valued at $1,942,000 after purchasing an additional 200 shares during the last quarter. 95.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PLNT has been the subject of several research analyst reports. Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a research report on Thursday, August 7th. Macquarie reaffirmed a "neutral" rating and set a $95.00 price target on shares of Planet Fitness in a research note on Tuesday, May 13th. Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, June 12th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, May 22nd. Finally, Guggenheim reaffirmed a "buy" rating and set a $110.00 price target on shares of Planet Fitness in a research note on Monday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $108.64.

Planet Fitness Stock Up 1.4%

Shares of Planet Fitness stock traded up $1.48 during trading on Friday, reaching $104.44. 1,003,553 shares of the company were exchanged, compared to its average volume of 1,046,495. Planet Fitness, Inc. has a twelve month low of $77.77 and a twelve month high of $114.47. The business has a 50-day moving average price of $107.79 and a 200-day moving average price of $101.95. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 46.42, a P/E/G ratio of 2.29 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $329.59 million. During the same period in the prior year, the company earned $0.71 earnings per share. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts forecast 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.