Bayforest Capital Ltd Buys Shares of 8,899 Planet Fitness, Inc. $PLNT

Key Points

• Bayforest Capital Ltd has acquired 8,899 shares of Planet Fitness, valued at approximately $970,000, according to its recent SEC filing.
• Planet Fitness stock is currently trading at $92.67, with a 52-week range between $77.77 and $114.47, and a market cap of $7.81 billion.
• Analysts have a consensus rating of "Moderate Buy" for Planet Fitness, with an average price target of $111.54, reflecting positive sentiment toward the stock.

Bayforest Capital Ltd bought a new stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,899 shares of the company's stock, valued at approximately $970,000.

Several other hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group raised its stake in shares of Planet Fitness by 57.8% in the first quarter. Brooklyn Investment Group now owns 322 shares of the company's stock valued at $31,000 after buying an additional 118 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Planet Fitness by 4.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,235 shares of the company's stock valued at $313,000 after purchasing an additional 126 shares during the period. GAMMA Investing LLC raised its stake in shares of Planet Fitness by 7.4% during the 1st quarter. GAMMA Investing LLC now owns 2,245 shares of the company's stock valued at $217,000 after purchasing an additional 155 shares during the period. Xponance Inc. raised its stake in shares of Planet Fitness by 1.1% during the 1st quarter. Xponance Inc. now owns 13,767 shares of the company's stock valued at $1,330,000 after purchasing an additional 156 shares during the period. Finally, State of Michigan Retirement System raised its stake in shares of Planet Fitness by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 20,100 shares of the company's stock valued at $1,942,000 after purchasing an additional 200 shares during the period. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Stock Down 1.0%

Planet Fitness stock opened at $92.67 on Tuesday. Planet Fitness, Inc. has a 52 week low of $77.77 and a 52 week high of $114.47. The business has a 50-day simple moving average of $103.05 and a 200 day simple moving average of $102.74. The stock has a market cap of $7.81 billion, a price-to-earnings ratio of 41.19, a PEG ratio of 2.08 and a beta of 1.38.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on PLNT shares. Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Planet Fitness in a research note on Wednesday, October 8th. Canaccord Genuity Group reiterated a "buy" rating and set a $126.00 price objective on shares of Planet Fitness in a research note on Monday, September 15th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Planet Fitness in a research note on Wednesday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $111.54.

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.

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