Ninety One UK Ltd Buys 759,227 Shares of Planet Fitness, Inc. $PLNT

Key Points

• Ninety One UK Ltd increased its stake in Planet Fitness by 35.7%, acquiring 759,227 shares in the second quarter, bringing its total holdings to approximately 3.43% of the company.
• Planet Fitness reported earnings of $0.86 EPS, exceeding analysts' expectations and showing a 13.3% revenue increase compared to the previous year.
• Several analysts have re-established positive ratings for Planet Fitness, with Canaccord Genuity Group issuing a price target of $126.00 and the consensus price target currently at $111.54.

Ninety One UK Ltd lifted its stake in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 35.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,883,906 shares of the company's stock after acquiring an additional 759,227 shares during the quarter. Ninety One UK Ltd owned approximately 3.43% of Planet Fitness worth $314,490,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. grew its stake in shares of 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 period. Vanguard Group Inc. grew its stake 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 acquiring an additional 62,716 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of 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 valued at $317,810,000 after acquiring an additional 1,268,262 shares during the period. Invesco Ltd. grew its stake in shares of Planet Fitness by 358.0% during the 1st quarter. Invesco Ltd. now owns 2,211,139 shares of the company's stock valued at $213,618,000 after acquiring an additional 1,728,407 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of Planet Fitness by 1.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,389,098 shares of the company's stock valued at $134,201,000 after acquiring an additional 24,981 shares during the period. 95.53% of the stock is currently owned by institutional investors.

Planet Fitness Stock Performance

NYSE PLNT opened at $103.83 on Wednesday. The company has a market capitalization of $8.75 billion, a P/E ratio of 46.15, a P/E/G ratio of 2.34 and a beta of 1.37. Planet Fitness, Inc. has a one year low of $77.77 and a one year high of $114.47. The stock has a 50 day moving average price of $105.45 and a 200-day moving average price of $102.86.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.07. The firm had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The company's quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.71 EPS. As a group, equities analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Jefferies Financial Group restated a "buy" rating on shares of Planet Fitness in a research note on Wednesday, September 24th. Raymond James Financial restated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $126.00 price target on shares of Planet Fitness in a research note on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $111.54.

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.

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