Assetmark Inc. Has $1.19 Million Position in Planet Fitness, Inc. (NYSE:PLNT)

Key Points

• Assetmark Inc. significantly increased its holdings in Planet Fitness by acquiring 12,314 shares, bringing its total to over 12,326 shares worth approximately $1.19 million.
• Despite institutional investment growth, Planet Fitness shares fell by 1.5% to $107.53, with a market capitalization of around $9.05 billion.
• Planet Fitness reported earnings of $0.59 EPS for the latest quarter, missing estimates, and had revenue of $276.66 million, below analysts' expectations.

Assetmark Inc. raised its stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 102,616.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,326 shares of the company's stock after buying an additional 12,314 shares during the quarter. Assetmark Inc.'s holdings in Planet Fitness were worth $1,191,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. raised its position in Planet Fitness by 48.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company's stock worth $782,169,000 after acquiring an additional 2,570,826 shares in the last quarter. Ninety One UK Ltd raised its position in Planet Fitness by 61.1% in 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 in the last quarter. Anomaly Capital Management LP raised its position in Planet Fitness by 20.3% in the fourth quarter. Anomaly Capital Management LP now owns 1,772,593 shares of the company's stock worth $175,256,000 after acquiring an additional 299,148 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Planet Fitness by 2.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,167,217 shares of the company's stock worth $115,407,000 after acquiring an additional 33,230 shares in the last quarter. Finally, FMR LLC raised its position in Planet Fitness by 24.4% in the fourth quarter. FMR LLC now owns 989,642 shares of the company's stock worth $97,846,000 after acquiring an additional 194,157 shares in the last quarter. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Price Performance

Shares of NYSE PLNT traded up $0.50 during trading hours on Tuesday, reaching $110.78. The stock had a trading volume of 756,601 shares, compared to its average volume of 1,490,029. The business's fifty day moving average is $107.40 and its two-hundred day moving average is $101.84. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 52.33, a PEG ratio of 2.41 and a beta of 1.40. Planet Fitness, Inc. has a twelve month low of $73.70 and a twelve month high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.59 EPS for the quarter, missing analysts' consensus estimates of $0.62 by ($0.03). The firm had revenue of $276.66 million during the quarter, compared to analyst estimates of $279.80 million. Planet Fitness had a net margin of 14.84% and a negative return on equity of 88.70%. The business's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. Sell-side analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Canaccord Genuity Group set a $126.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a research report on Thursday, June 12th. Macquarie restated a "neutral" rating and set a $95.00 price objective on shares of Planet Fitness in a report on Tuesday, May 13th. Stifel Nicolaus set a $120.00 target price on Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Guggenheim reissued a "buy" rating and issued a $110.00 price target on shares of Planet Fitness in a research note on Monday, May 12th. Finally, Morgan Stanley boosted their price target on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Planet Fitness presently has a consensus rating of "Moderate Buy" and an average price target of $106.63.

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.