Fifth Third Bancorp Lowers Stock Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Fifth Third Bancorp reduced its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 98.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 915 shares of the company's stock after selling 65,985 shares during the quarter. Fifth Third Bancorp's holdings in Planet Fitness were worth $88,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in Planet Fitness during the fourth quarter worth about $11,963,000. Freestone Grove Partners LP purchased a new position in Planet Fitness during the fourth quarter worth about $25,676,000. Jump Financial LLC purchased a new position in Planet Fitness during the fourth quarter worth about $965,000. B. Metzler seel. Sohn & Co. AG purchased a new position in Planet Fitness during the fourth quarter worth about $3,378,000. Finally, Raymond James Financial Inc. purchased a new position in Planet Fitness during the fourth quarter worth about $2,988,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Planet Fitness Trading Down 0.5%

Shares of NYSE PLNT traded down $0.57 during midday trading on Friday, hitting $107.12. The company's stock had a trading volume of 1,259,467 shares, compared to its average volume of 1,382,816. The stock has a fifty day moving average price of $100.31 and a 200 day moving average price of $100.00. The firm has a market capitalization of $9.02 billion, a price-to-earnings ratio of 40.62, a P/E/G ratio of 2.38 and a beta of 1.33. Planet Fitness, Inc. has a one year low of $68.75 and a one year high of $110.00.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.03). The firm had revenue of $276.66 million for the quarter, compared to the consensus estimate of $279.80 million. Planet Fitness had a negative return on equity of 88.70% and a net margin of 14.84%. The business's revenue was up 11.6% on a year-over-year basis. During the same period last year, the company posted $0.53 EPS. On average, equities research analysts predict that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $120.00 price target on shares of Planet Fitness in a report on Monday, February 24th. Macquarie reiterated a "neutral" rating and issued a $95.00 target price on shares of Planet Fitness in a research note on Tuesday, May 13th. Stifel Nicolaus set a $120.00 target price on shares of Planet Fitness and gave the company a "buy" rating in a research note on Thursday, May 22nd. Guggenheim reiterated a "buy" rating and issued a $110.00 target price on shares of Planet Fitness in a research note on Monday, May 12th. Finally, Roth Mkm reiterated a "buy" rating and issued a $115.00 target price (up from $110.00) on shares of Planet Fitness in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $105.76.

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.