Adage Capital Partners GP L.L.C. Buys New Stake in Planet Fitness, Inc. $PLNT

Key Points

• Adage Capital Partners GP L.L.C. has purchased 186,000 shares of Planet Fitness, Inc. for approximately $17.97 million, accounting for 0.22% of the company's stock.
• Institutional investors currently own 95.53% of Planet Fitness, with significant increases in stakes from various investment firms in the first quarter.
• Planet Fitness recently reported earnings of $0.86 per share, exceeding analyst expectations, and saw a 13.3% increase in revenue year-over-year.

Adage Capital Partners GP L.L.C. purchased a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 186,000 shares of the company's stock, valued at approximately $17,969,000. Adage Capital Partners GP L.L.C. owned approximately 0.22% of Planet Fitness as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Brooklyn Investment Group increased its holdings 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 buying an additional 118 shares during the period. First Horizon Advisors Inc. raised its stake in Planet Fitness by 187.6% in the first 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 period. CoreCap Advisors LLC boosted its position in shares of 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 acquiring an additional 450 shares during the period. Farther Finance Advisors LLC lifted its position in Planet Fitness by 291.0% during the first 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 acquired a new stake in shares of Planet Fitness during the 4th quarter valued at $57,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PLNT has been the subject of several recent research reports. Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a report on Thursday, August 7th. Macquarie reaffirmed a "neutral" rating and issued a $95.00 price target on shares of Planet Fitness in a report on Tuesday, May 13th. Stifel Nicolaus set a $120.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Finally, Canaccord Genuity Group set a $126.00 price objective on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, June 12th. One investment 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $108.64.

Planet Fitness Price Performance

Shares of NYSE:PLNT traded down $0.81 during trading on Wednesday, reaching $101.77. The stock had a trading volume of 433,679 shares, compared to its average volume of 1,465,725. The business's 50-day moving average price is $107.61 and its 200 day moving average price is $102.03. The stock has a market capitalization of $8.57 billion, a PE ratio of 45.23, a P/E/G ratio of 2.32 and a beta of 1.37. Planet Fitness, Inc. has a 52 week low of $77.77 and a 52 week high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. The firm had revenue of $340.88 million for 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.71 EPS. Analysts forecast that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Planet Fitness 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.