Corient IA LLC Acquires Shares of 4,000 Planet Fitness, Inc. $PLNT

Key Points

• Corient IA LLC has purchased 4,000 shares of Planet Fitness, Inc. (NYSE: PLNT), valued at approximately $386,000, marking a new position for the institutional investor.
• Analyst ratings for Planet Fitness show a consensus of "Moderate Buy" with an average target price of $107.38, supported by various rating upgrades from multiple brokerages.
• The company reported $340.88 million in revenue and $0.86 earnings per share for the last quarter, surpassing analyst expectations and demonstrating a 13.3% year-over-year revenue growth.

Corient IA LLC acquired a new stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 4,000 shares of the company's stock, valued at approximately $386,000.

A number of other institutional investors also recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its stake in shares of 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 in the last quarter. GAMMA Investing LLC boosted its stake in shares of 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 in the last quarter. Xponance Inc. boosted its stake in shares of 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 in the last quarter. State of Michigan Retirement System boosted its stake in shares of 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 in the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in Planet Fitness by 0.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the company's stock valued at $2,280,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 95.53% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Stifel Nicolaus set a $120.00 price target on shares of Planet Fitness and gave the company a "buy" rating in a research report on Thursday, May 22nd. Canaccord Genuity Group set a $126.00 price target on shares of Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Macquarie reissued a "neutral" rating and set a $95.00 price target on shares of Planet Fitness in a research report on Tuesday, May 13th. Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a research report on Thursday, August 7th. Finally, Morgan Stanley increased their price target on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $107.38.

Planet Fitness Stock Performance

Shares of Planet Fitness stock traded up $0.5690 during trading on Friday, hitting $107.5190. The company's stock had a trading volume of 925,842 shares, compared to its average volume of 1,500,225. The company has a fifty day simple moving average of $108.31 and a two-hundred day simple moving average of $101.93. The company has a market capitalization of $9.06 billion, a PE ratio of 47.79, a P/E/G ratio of 2.38 and a beta of 1.40. 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 issued 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. The company 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%. Planet Fitness's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $0.71 EPS. As a group, analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current 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.