Elwood Capital Partners LP Raises Stock Position in Planet Fitness, Inc. $PLNT

Key Points

• Elwood Capital Partners LP increased its stake in Planet Fitness by 50.5%, owning 70,008 shares valued at approximately $6.76 million, making it their 6th largest investment.
• Institutional investors own 95.53% of the stock, with several firms significantly increasing their holdings in the first quarter.
• Planet Fitness reported quarterly earnings of $0.86 EPS, exceeding estimates and showing a 13.3% revenue increase year-over-year.

Elwood Capital Partners LP boosted its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 50.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,008 shares of the company's stock after purchasing an additional 23,503 shares during the quarter. Planet Fitness makes up approximately 5.8% of Elwood Capital Partners LP's holdings, making the stock its 6th largest holding. Elwood Capital Partners LP owned about 0.08% of Planet Fitness worth $6,763,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in shares of Planet Fitness by 62.7% during the first 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 in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Planet Fitness by 6.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,407,128 shares of the company's stock valued at $812,213,000 after acquiring an additional 496,047 shares during the last quarter. Credit Agricole S A acquired a new position in Planet Fitness during the 1st quarter worth $1,588,000. Brooklyn Investment Group increased its position in shares of Planet Fitness by 57.8% in the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company's stock worth $31,000 after purchasing an additional 118 shares during the last quarter. Finally, Versor Investments LP acquired a new stake in shares of Planet Fitness in the 1st quarter valued at about $1,545,000. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Stock Up 0.2%

PLNT stock traded up $0.25 during midday trading on Wednesday, reaching $105.78. The company had a trading volume of 1,178,298 shares, compared to its average volume of 1,495,525. The firm has a market capitalization of $8.91 billion, a PE ratio of 47.01, a P/E/G ratio of 2.33 and a beta of 1.40. The stock has a 50 day moving average price of $108.36 and a 200 day moving average price of $101.86. Planet Fitness, Inc. has a fifty-two week low of $77.77 and a fifty-two week high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, topping 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 analysts' expectations of $329.59 million. During the same period in the prior year, the firm earned $0.71 EPS. The business's quarterly revenue was up 13.3% on a year-over-year basis. Research analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PLNT. Guggenheim reiterated a "buy" rating and issued a $110.00 price target on shares of Planet Fitness in a research note on Monday, May 12th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Planet Fitness in a report on Thursday, August 7th. Morgan Stanley boosted their price target on Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the company a "buy" rating in a research report on Thursday, June 12th. Finally, Macquarie restated a "neutral" rating and set a $95.00 price objective on shares of Planet Fitness in a research note on Tuesday, May 13th. One research 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 company's stock. According to data from MarketBeat.com, Planet Fitness currently has a consensus rating of "Moderate Buy" and an average target price of $107.38.

About Planet Fitness

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.