Northstar Advisory Group LLC Acquires 3,129 Shares of Planet Fitness, Inc. $PLNT

Key Points

• Northstar Advisory Group LLC increased its stake in Planet Fitness by 25.2% during the second quarter, bringing its total to 15,539 shares valued at approximately $1.7 million.
• Several other large institutional investors, including T. Rowe Price and Invesco, have also made significant increases to their positions in Planet Fitness, indicating strong investor confidence.
• Analysts have set optimistic price targets for Planet Fitness, with a consensus of $108.64 per share and several firms providing "buy" ratings, reflecting positive outlooks on the company's performance.

Northstar Advisory Group LLC increased its position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 25.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,539 shares of the company's stock after purchasing an additional 3,129 shares during the period. Northstar Advisory Group LLC's holdings in Planet Fitness were worth $1,695,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Brooklyn Investment Group lifted its stake in shares of Planet Fitness by 57.8% during the first quarter. Brooklyn Investment Group now owns 322 shares of the company's stock valued at $31,000 after buying an additional 118 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of Planet Fitness by 187.6% during the first quarter. First Horizon Advisors Inc. now owns 371 shares of the company's stock valued at $36,000 after buying an additional 242 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Planet Fitness by 291.0% during the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock valued at $50,000 after buying an additional 387 shares during the period. Lazard Asset Management LLC purchased a new position in shares of Planet Fitness during the fourth quarter valued at approximately $57,000. Finally, New Age Alpha Advisors LLC purchased a new position in shares of Planet Fitness during the first quarter valued at approximately $65,000. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on PLNT shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. Stifel Nicolaus set a $120.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $126.00 price target on shares of Planet Fitness in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $108.64.

Planet Fitness Stock Performance

Shares of Planet Fitness stock traded down $0.04 on Friday, reaching $100.25. The stock had a trading volume of 378,129 shares, compared to its average volume of 1,455,347. The business's 50-day moving average price is $106.76 and its two-hundred day moving average price is $102.36. Planet Fitness, Inc. has a fifty-two week low of $77.77 and a fifty-two week high of $114.47. The stock has a market cap of $8.44 billion, a P/E ratio of 44.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.37.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings data 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 net margin of 15.11% and a negative return on equity of 110.18%. The business had revenue of $340.88 million during the quarter, compared to analysts' expectations of $329.59 million. During the same period in the previous year, the company earned $0.71 earnings per share. Planet Fitness's revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal year.

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.