Peregrine Capital Management LLC Trims Holdings in Planet Fitness, Inc. (NYSE:PLNT)

Peregrine Capital Management LLC reduced its position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 9.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 473,300 shares of the company's stock after selling 47,714 shares during the quarter. Planet Fitness comprises approximately 1.5% of Peregrine Capital Management LLC's portfolio, making the stock its 15th biggest position. Peregrine Capital Management LLC owned approximately 0.56% of Planet Fitness worth $45,726,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Renaissance Technologies LLC acquired a new position in Planet Fitness in the 4th quarter valued at about $11,963,000. Freestone Grove Partners LP purchased a new position in shares of Planet Fitness in the 4th quarter valued at approximately $25,676,000. Jump Financial LLC purchased a new position in shares of Planet Fitness in the 4th quarter valued at approximately $965,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Planet Fitness in the fourth quarter valued at approximately $3,378,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Planet Fitness during the fourth quarter worth approximately $2,988,000. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on PLNT. Morgan Stanley lifted their price objective on shares of Planet Fitness from $111.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Stifel Nicolaus set a $120.00 target price on shares of Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Canaccord Genuity Group set a $126.00 price target on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, June 12th. Guggenheim reissued a "buy" rating and set a $110.00 price target on shares of Planet Fitness in a report on Monday, May 12th. Finally, BMO Capital Markets raised their price objective on shares of Planet Fitness from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, March 31st. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $106.63.

Planet Fitness Stock Performance

PLNT stock traded up $0.47 during midday trading on Monday, hitting $109.17. 1,628,435 shares of the stock were exchanged, compared to its average volume of 1,389,089. The stock's 50-day moving average price is $101.56 and its 200-day moving average price is $100.26. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of 51.50, a PEG ratio of 2.41 and a beta of 1.33. Planet Fitness, Inc. has a fifty-two week low of $68.75 and a fifty-two week high of $113.28.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly 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). Planet Fitness had a net margin of 14.84% and a negative return on equity of 88.70%. The firm had revenue of $276.66 million during the quarter, compared to analysts' expectations of $279.80 million. During the same quarter in the prior year, the business earned $0.53 EPS. The company's quarterly revenue was up 11.6% compared to the same quarter last year. Research analysts anticipate that Planet Fitness, Inc. will post 2.51 EPS for the current 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.