Cinctive Capital Management LP Takes $937,000 Position in Planet Fitness, Inc. $PLNT

Key Points

• Cinctive Capital Management LP has acquired a new stake in Planet Fitness, Inc., purchasing 9,694 shares valued at approximately $937,000 during the first quarter.
• Several hedge funds significantly increased their positions in Planet Fitness, with Brooklyn Investment Group raising its stake by 57.8% and First Horizon Advisors Inc. by 187.6%.
• Equity analysts have set ambitious price targets for the company, with Canaccord Genuity Group targeting $126.00 and a consensus rating of "Moderate Buy" from numerous analysts.

Cinctive Capital Management LP bought a new stake in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 9,694 shares of the company's stock, valued at approximately $937,000.

A number of other large investors have also bought and sold shares of PLNT. Bwcp LP purchased a new position in shares of Planet Fitness in the first quarter worth $29,152,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Planet Fitness in the 1st quarter valued at approximately $17,969,000. 1248 Management LLC bought a new stake in shares of Planet Fitness during the 1st quarter valued at $611,000. Royal Bank of Canada boosted its stake in Planet Fitness by 8.2% during the first quarter. Royal Bank of Canada now owns 163,546 shares of the company's stock worth $15,800,000 after acquiring an additional 12,450 shares in the last quarter. Finally, Armistice Capital LLC grew its stake in shares of Planet Fitness by 54.5% in the 1st quarter. Armistice Capital LLC now owns 347,558 shares of the company's stock worth $33,578,000 after buying an additional 122,612 shares during the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on PLNT shares. Canaccord Genuity Group set a $126.00 price objective on Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, June 12th. Stifel Nicolaus set a $120.00 target price on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. Guggenheim restated a "buy" rating and issued a $110.00 price target on shares of Planet Fitness in a report on Monday, May 12th. Macquarie reissued a "neutral" rating and set a $95.00 price objective on shares of Planet Fitness in a report on Tuesday, May 13th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.64.

Planet Fitness Stock Performance

Shares of PLNT traded down $1.68 during midday trading on Tuesday, hitting $102.55. The company had a trading volume of 753,807 shares, compared to its average volume of 1,471,980. The company's 50-day simple moving average is $107.69 and its 200-day simple moving average is $102.03. Planet Fitness, Inc. has a 1 year low of $77.77 and a 1 year high of $114.47. The firm has a market capitalization of $8.64 billion, a P/E ratio of 45.58, a P/E/G ratio of 2.33 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.07. Planet Fitness had a net margin of 15.11% and a negative return on equity of 110.18%. The firm had revenue of $340.88 million for the quarter, compared to analysts' expectations of $329.59 million. During the same quarter last year, the company earned $0.71 earnings per share. The firm's revenue was up 13.3% compared to the same quarter last year. Equities analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share 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.