Amundi Cuts Stock Position in Planet Fitness, Inc. $PLNT

Key Points

• Amundi has reduced its stake in Planet Fitness, Inc. by 9.2%, owning 2,618,920 shares worth approximately $255 million after selling 265,413 shares in the first quarter.
• Several hedge funds are increasing their stakes in Planet Fitness, with Invesco Ltd. raising its position by 358% and Price T Rowe Associates increasing its stake by 62.7%.
• Planet Fitness reported stronger than expected earnings with $0.86 EPS for the quarter, surpassing the consensus estimate of $0.79, and a revenue increase of 13.3% year-over-year.

Amundi reduced its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 9.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,618,920 shares of the company's stock after selling 265,413 shares during the quarter. Amundi owned about 3.09% of Planet Fitness worth $255,089,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group lifted its position in Planet Fitness by 57.8% during the first 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. First Horizon Advisors Inc. raised its position in shares of Planet Fitness by 187.6% during the 1st quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after buying an additional 242 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in shares of Planet Fitness by 1,250.0% in the 4th 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 last quarter. Farther Finance Advisors LLC grew its position in Planet Fitness by 291.0% in the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock worth $50,000 after acquiring an additional 387 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Planet Fitness during the fourth quarter worth approximately $57,000. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Price Performance

PLNT stock traded down $1.06 during trading on Wednesday, hitting $101.53. 145,105 shares of the company traded hands, compared to its average volume of 1,464,042. Planet Fitness, Inc. has a 1 year low of $77.77 and a 1 year high of $114.47. The company has a market cap of $8.55 billion, a PE ratio of 45.07, a P/E/G ratio of 2.32 and a beta of 1.37. The stock's 50-day simple moving average is $107.61 and its 200 day simple moving average is $102.03.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The business had revenue of $340.88 million for the quarter, compared to analysts' expectations of $329.59 million. During the same quarter last year, the company earned $0.71 EPS. The business's revenue was up 13.3% on a year-over-year basis. Research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PLNT shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. 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. Canaccord Genuity Group set a $126.00 target price on shares of Planet Fitness and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, Macquarie restated a "neutral" rating and issued a $95.00 target price on shares of Planet Fitness in a report on Tuesday, May 13th. One equities research 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's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $108.64.

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.