Planet Fitness, Inc. $PLNT Stock Position Raised by Armistice Capital LLC

Key Points

• Armistice Capital LLC increased its stake in Planet Fitness by 54.5% in the first quarter, owning approximately 347,558 shares valued at $33.58 million.
• Numerous institutional investors have also adjusted their positions in Planet Fitness, with hedge funds holding 95.53% of the company's stock.
• Analysts maintain a consensus rating of "Moderate Buy" for Planet Fitness, with an average target price of $107.38.

Armistice Capital LLC raised its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 54.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 347,558 shares of the company's stock after buying an additional 122,612 shares during the quarter. Armistice Capital LLC owned about 0.41% of Planet Fitness worth $33,578,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its holdings in shares of Planet Fitness by 6.3% during the first quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company's stock valued at $812,213,000 after purchasing an additional 496,047 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Planet Fitness by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company's stock valued at $782,394,000 after purchasing an additional 62,716 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Planet Fitness by 62.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock valued at $317,810,000 after acquiring an additional 1,268,262 shares during the period. Invesco Ltd. boosted its holdings in shares of Planet Fitness by 358.0% during the first quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock valued at $213,618,000 after acquiring an additional 1,728,407 shares during the period. Finally, Ninety One UK Ltd grew its position in shares of Planet Fitness by 61.1% during the first quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company's stock worth $205,265,000 after acquiring an additional 806,023 shares during the last quarter. 95.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PLNT. Canaccord Genuity Group set a $126.00 price objective on shares of Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Morgan Stanley lifted their price target on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Stifel Nicolaus set a $120.00 price objective on Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, May 22nd. Guggenheim restated a "buy" rating and issued a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Planet Fitness presently has an average rating of "Moderate Buy" and a consensus target price of $107.38.

Planet Fitness Stock Down 0.0%

PLNT traded down $0.03 during trading on Wednesday, reaching $101.69. The stock had a trading volume of 1,277,823 shares, compared to its average volume of 1,369,291. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of 45.20, a price-to-earnings-growth ratio of 2.33 and a beta of 1.37. Planet Fitness, Inc. has a 1-year low of $77.77 and a 1-year high of $114.47. The stock has a 50 day moving average of $107.98 and a two-hundred day moving average of $101.91.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. The firm had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The firm's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 earnings per share. On average, 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.