Credit Agricole S A Buys New Stake in Planet Fitness, Inc. $PLNT

Key Points

• Credit Agricole S A has acquired a new stake in Planet Fitness, purchasing 16,433 shares valued at approximately $1,588,000 during the first quarter of 2023.
• Institutional investors collectively own 95.53% of Planet Fitness, with significant increases in stakes reported by firms like Brooklyn Investment Group and PNC Financial Services Group.
• Analysts have a consensus rating of "Moderate Buy" for Planet Fitness, with a target price averaging $107.38, reflecting positive expectations for the company's performance.

Credit Agricole S A purchased a new position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,433 shares of the company's stock, valued at approximately $1,588,000.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Planet Fitness by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 8,098,481 shares of the company's stock valued at $782,394,000 after buying an additional 62,716 shares in the last quarter. Invesco Ltd. lifted its holdings in Planet Fitness by 358.0% during the first quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock valued at $213,618,000 after purchasing an additional 1,728,407 shares in the last quarter. Ninety One UK Ltd lifted its holdings in Planet Fitness by 61.1% during the first quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company's stock valued at $205,265,000 after purchasing an additional 806,023 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Planet Fitness by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,172,295 shares of the company's stock valued at $113,250,000 after purchasing an additional 5,078 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Planet Fitness by 23.2% during the fourth quarter. Northern Trust Corp now owns 723,969 shares of the company's stock worth $71,579,000 after purchasing an additional 136,492 shares in the last quarter. 95.53% of the stock is owned by hedge funds and other institutional investors.

Planet Fitness Stock Down 2.0%

NYSE PLNT traded down $2.14 during trading on Friday, hitting $104.66. The stock had a trading volume of 1,061,597 shares, compared to its average volume of 1,448,904. The company has a market capitalization of $8.82 billion, a PE ratio of 46.51, a PEG ratio of 2.33 and a beta of 1.40. The firm has a 50 day moving average price of $108.26 and a 200 day moving average price of $101.90. Planet Fitness, Inc. has a twelve month low of $77.77 and a twelve month high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $329.59 million. During the same quarter in the previous year, the business posted $0.71 earnings per share. The business's quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PLNT has been the topic of a number of research reports. Macquarie restated a "neutral" rating and issued a $95.00 price objective on shares of Planet Fitness in a report on Tuesday, May 13th. Guggenheim reaffirmed a "buy" rating and set a $110.00 price objective on shares of Planet Fitness in a research note on Monday, May 12th. Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Finally, Morgan Stanley upped their target price on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. 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 MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $107.38.

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.