Planet Fitness, Inc. $PLNT Position Reduced by Broad Bay Capital Management LP

Key Points

• Broad Bay Capital Management LP reduced its stake in Planet Fitness by 10.9%, now holding 129,072 shares valued at approximately $12.47 million.
• In contrast, Invesco Ltd. increased its holdings by 358.0%, owning 2,211,139 shares worth $213.62 million.
• Analysts rate Planet Fitness shares with a consensus of "Moderate Buy" and have set a consensus target price of $107.38.

Broad Bay Capital Management LP cut its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 10.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 129,072 shares of the company's stock after selling 15,720 shares during the period. Planet Fitness comprises about 1.8% of Broad Bay Capital Management LP's investment portfolio, making the stock its 20th biggest holding. Broad Bay Capital Management LP owned approximately 0.15% of Planet Fitness worth $12,470,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Brooklyn Investment Group grew its stake in shares of 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 acquiring an additional 118 shares in the last quarter. First Horizon Advisors Inc. grew its stake in shares of Planet Fitness by 187.6% during 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 in the last quarter. CoreCap Advisors LLC grew its stake 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 acquiring an additional 450 shares in the last quarter. Farther Finance Advisors LLC grew its stake 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 acquiring an additional 387 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Planet Fitness during the fourth quarter valued at about $57,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Stock Down 0.4%

PLNT stock traded down $0.37 during midday trading on Wednesday, reaching $101.36. The company had a trading volume of 259,591 shares, compared to its average volume of 1,479,840. The stock has a 50 day moving average price of $108.05 and a 200 day moving average price of $101.91. Planet Fitness, Inc. has a fifty-two week low of $77.77 and a fifty-two week high of $114.47. The firm has a market capitalization of $8.54 billion, a PE ratio of 45.08, a P/E/G ratio of 2.33 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.07. The business 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 business's revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.71 earnings per share. Research analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on PLNT shares. Stifel Nicolaus set a $120.00 target price on Planet Fitness and gave the company a "buy" rating in a research note on Thursday, May 22nd. Raymond James Financial reiterated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Macquarie reiterated a "neutral" rating and issued a $95.00 price target on shares of Planet Fitness in a research note on Tuesday, May 13th. Morgan Stanley lifted their price target on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, June 12th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

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.