Driehaus Capital Management LLC Invests $46.37 Million in Planet Fitness, Inc. $PLNT

Key Points

• Driehaus Capital Management LLC has invested approximately $46.37 million in Planet Fitness, acquiring 479,945 shares and owning 0.57% of the company.
• Analyst ratings for Planet Fitness are generally positive, with one strong buy, twelve buy ratings, and three hold ratings; target prices range from $95.00 to $126.00.
• In its recent earnings report, Planet Fitness reported earnings per share of $0.86, exceeding estimates, with revenue increasing 13.3% year-over-year to $340.88 million.

Driehaus Capital Management LLC purchased a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 479,945 shares of the company's stock, valued at approximately $46,367,000. Driehaus Capital Management LLC owned 0.57% of Planet Fitness as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in PLNT. Invesco Ltd. raised its stake in Planet Fitness by 358.0% during the 1st quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock worth $213,618,000 after buying an additional 1,728,407 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Planet Fitness by 62.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,289,606 shares of the company's stock worth $317,810,000 after buying an additional 1,268,262 shares during the period. Ninety One UK Ltd raised its stake in Planet Fitness by 61.1% during the 1st quarter. Ninety One UK Ltd now owns 2,124,679 shares of the company's stock worth $205,265,000 after buying an additional 806,023 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in shares of Planet Fitness in the first quarter worth approximately $54,384,000. Finally, T. Rowe Price Investment Management Inc. raised its stake in shares of Planet Fitness by 6.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company's stock worth $812,213,000 after purchasing an additional 496,047 shares during the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Price Performance

Shares of Planet Fitness stock traded down $0.44 during trading hours on Wednesday, reaching $101.29. The company had a trading volume of 284,126 shares, compared to its average volume of 1,480,059. Planet Fitness, Inc. has a one year low of $77.77 and a one year high of $114.47. The firm has a market cap of $8.53 billion, a PE ratio of 45.02, a price-to-earnings-growth ratio of 2.33 and a beta of 1.37. The business has a fifty day simple moving average of $108.05 and a 200 day simple moving average of $101.91.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings results 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 negative return on equity of 110.18% and a net margin of 15.11%.The business had revenue of $340.88 million for the quarter, compared to the consensus estimate of $329.59 million. During the same quarter last year, the business posted $0.71 earnings per share. The company's revenue for the quarter was up 13.3% on a year-over-year basis. On average, research analysts forecast that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Analyst Ratings Changes

PLNT has been the subject of several analyst reports. Morgan Stanley increased their price objective on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. 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. Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Guggenheim reissued a "buy" rating and issued a $110.00 price objective on shares of Planet Fitness in a research note on Monday, May 12th. Finally, Macquarie reaffirmed a "neutral" rating and issued a $95.00 target price on shares of Planet Fitness in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.