Engineers Gate Manager LP Purchases New Position in Planet Fitness, Inc. $PLNT

Key Points

• Engineers Gate Manager LP acquired 35,624 Planet Fitness shares in the second quarter, valued at approximately $1.86 million. Institutional investors collectively own 95.53% of the company.
• Planet Fitness exceeded quarterly expectations, reporting $0.88 EPS versus the $0.85 estimate and revenue of $365.22 million, up 7.1% year over year.
• PLNT shares opened at $50.81, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $70.24.

Engineers Gate Manager LP purchased a new stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 35,624 shares of the company's stock, valued at approximately $1,859,000.

Several other hedge funds have also bought and sold shares of PLNT. Entropy Technologies LP purchased a new position in shares of Planet Fitness during the 4th quarter valued at approximately $2,744,000. Assenagon Asset Management S.A. purchased a new stake in Planet Fitness during the second quarter worth $44,399,000. Osborne Partners Capital Management LLC boosted its holdings in Planet Fitness by 110.6% during the first quarter. Osborne Partners Capital Management LLC now owns 152,197 shares of the company's stock worth $11,320,000 after buying an additional 79,915 shares in the last quarter. WCM Investment Management LLC boosted its holdings in Planet Fitness by 58.3% during the first quarter. WCM Investment Management LLC now owns 265,134 shares of the company's stock worth $19,548,000 after buying an additional 97,697 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Planet Fitness by 7.2% during the first quarter. Bank of America Corp DE now owns 779,251 shares of the company's stock valued at $57,961,000 after buying an additional 52,289 shares during the period. Hedge funds and other institutional investors own 95.53% of the company's stock.

Insider Activity at Planet Fitness

In other news, Director Stephen Spinelli, Jr. bought 10,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were acquired at an average price of $49.28 per share, for a total transaction of $492,800.00. Following the completion of the transaction, the director directly owned 45,516 shares in the company, valued at $2,243,028.48. The trade was a 28.16% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.90% of the stock is owned by insiders.

Planet Fitness Stock Down 0.7%

Shares of NYSE PLNT opened at $50.81 on Wednesday. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 1.10 and a beta of 1.01. The company's 50-day simple moving average is $52.36 and its 200-day simple moving average is $59.28. Planet Fitness, Inc. has a 52-week low of $37.03 and a 52-week high of $114.26.

Planet Fitness (NYSE:PLNT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.03. The firm had revenue of $365.22 million during the quarter, compared to the consensus estimate of $356.21 million. Planet Fitness had a net margin of 16.88% and a negative return on equity of 59.46%. The company's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 EPS. Planet Fitness has set its FY 2026 guidance at 3.254-3.254 EPS. Equities research analysts anticipate that Planet Fitness, Inc. will post 3.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PLNT has been the subject of a number of recent analyst reports. TD Cowen reaffirmed a "hold" rating on shares of Planet Fitness in a report on Friday, May 29th. Weiss Ratings cut Planet Fitness from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, June 18th. Jefferies Financial Group set a $106.00 price target on Planet Fitness in a research note on Thursday, August 6th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Planet Fitness in a report on Monday, July 20th. Finally, Morgan Stanley increased their price target on Planet Fitness from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Planet Fitness has an average rating of "Moderate Buy" and a consensus price target of $70.24.

Planet Fitness Company Profile

Planet Fitness, Inc NYSE: PLNT is a franchised fitness-center company that operates under the Planet Fitness brand. Its clubs provide access to cardiovascular and strength-training equipment, free weights, locker rooms, and other basic fitness amenities in a low-cost, welcoming environment designed to appeal to a broad range of consumers.

The company is known for its “Judgement Free Zone” concept, which emphasizes an approachable atmosphere for first-time, casual, and experienced gym users.

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