Algert Global LLC Cuts Stock Position in Planet Fitness, Inc. $PLNT

Key Points

• Algert Global LLC sold 26,540 shares of Planet Fitness, Inc., reducing its stake by 42.0%, and now holds 36,652 shares valued at approximately $3.54 million.
• Analysts are generally optimistic about Planet Fitness, with one strong buy rating, twelve buy ratings, and an average price target of $107.38.
• The company's latest quarterly earnings report showed a revenue of $340.88 million, exceeding expectations with an earnings per share of $0.86, up from $0.71 a year ago.

Algert Global LLC lessened its stake in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 42.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 36,652 shares of the company's stock after selling 26,540 shares during the period. Algert Global LLC's holdings in Planet Fitness were worth $3,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PLNT. T. Rowe Price Investment Management Inc. raised its position in shares of Planet Fitness by 48.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company's stock worth $782,169,000 after purchasing an additional 2,570,826 shares during the last quarter. Invesco Ltd. raised its position in shares of Planet Fitness by 358.0% during the 1st quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock worth $213,618,000 after purchasing an additional 1,728,407 shares during the last quarter. Ninety One UK Ltd raised its position in shares of Planet Fitness by 61.1% during the 1st quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company's stock worth $205,265,000 after purchasing an additional 806,023 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Planet Fitness during the 1st quarter worth about $54,384,000. Finally, Artemis Investment Management LLP raised its position in shares of Planet Fitness by 253.5% during the 1st quarter. Artemis Investment Management LLP now owns 671,073 shares of the company's stock worth $64,832,000 after purchasing an additional 481,263 shares during the last quarter. Institutional investors and hedge funds own 95.53% of the company's stock.

Planet Fitness Stock Performance

Shares of NYSE PLNT traded up $0.5690 during midday trading on Friday, reaching $107.5190. 925,842 shares of the stock were exchanged, compared to its average volume of 1,500,225. The company has a 50 day simple moving average of $108.31 and a 200 day simple moving average of $101.93. The stock has a market capitalization of $9.06 billion, a P/E ratio of 47.79, a PEG ratio of 2.38 and a beta of 1.40. Planet Fitness, Inc. has a twelve month low of $77.77 and a twelve month high of $114.47.

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 analysts' consensus estimates of $0.79 by $0.07. The business had revenue of $340.88 million during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.71 EPS. On average, research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Analyst Ratings Changes

PLNT has been the subject of several research analyst reports. Macquarie restated a "neutral" rating and set a $95.00 price target on shares of Planet Fitness in a research report on Tuesday, May 13th. Stifel Nicolaus set a $120.00 price objective on shares of Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Canaccord Genuity Group set a $126.00 price objective on shares of Planet Fitness and gave the company a "buy" rating in a report on Thursday, June 12th. Morgan Stanley increased their price objective on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Guggenheim reiterated a "buy" rating and issued a $110.00 price objective on shares of Planet Fitness in a report on Monday, May 12th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $107.38.

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.