Bank of New York Mellon Corp Cuts Stock Position in Planet Fitness, Inc. (NYSE:PLNT)

Bank of New York Mellon Corp lessened its position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 10.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,355,354 shares of the company's stock after selling 152,341 shares during the period. Bank of New York Mellon Corp owned approximately 1.60% of Planet Fitness worth $130,941,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PLNT. First Horizon Advisors Inc. grew its stake in Planet Fitness by 187.6% in the first quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after acquiring an additional 242 shares during the period. CoreCap Advisors LLC boosted its position in shares of Planet Fitness by 1,250.0% during the fourth quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock valued at $48,000 after buying an additional 450 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of Planet Fitness by 291.0% during the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock valued at $50,000 after buying an additional 387 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Planet Fitness during the fourth quarter valued at approximately $51,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in shares of Planet Fitness by 1,139.5% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 533 shares of the company's stock valued at $53,000 after buying an additional 490 shares during the last quarter. Institutional investors and hedge funds own 95.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Canaccord Genuity Group set a $126.00 target price on Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Guggenheim reaffirmed a "buy" rating and set a $110.00 target price on shares of Planet Fitness in a research report on Monday, May 12th. Morgan Stanley lifted their price target on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. BMO Capital Markets lifted their price target on Planet Fitness from $100.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, March 31st. Finally, Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $106.63.

Planet Fitness Stock Up 2.1%

Shares of NYSE:PLNT traded up $2.28 during midday trading on Friday, reaching $110.56. 1,022,504 shares of the company traded hands, compared to its average volume of 1,385,374. Planet Fitness, Inc. has a 12 month low of $68.75 and a 12 month high of $112.23. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 52.15, a price-to-earnings-growth ratio of 2.34 and a beta of 1.33. The firm's fifty day moving average price is $103.67 and its two-hundred day moving average price is $100.72.

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