Peregrine Capital Management LLC Has $25.76 Million Stock Holdings in Planet Fitness, Inc. $PLNT

Key Points

• Peregrine Capital Management trimmed its Planet Fitness stake by 6.2% in the first quarter, but still held 346,307 shares valued at about $25.76 million, making PLNT its 19th-largest position.
• Institutional ownership remains high, with 95.53% of Planet Fitness shares held by institutions. Several other funds also recently added to or initiated positions in the stock.
• Analysts have turned more cautious on Planet Fitness, with multiple firms cutting price targets; the stock currently carries a consensus Moderate Buy rating and an average target price of $77.81.

Peregrine Capital Management LLC trimmed its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 6.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 346,307 shares of the company's stock after selling 22,798 shares during the period. Planet Fitness makes up about 1.0% of Peregrine Capital Management LLC's investment portfolio, making the stock its 19th biggest position. Peregrine Capital Management LLC owned 0.43% of Planet Fitness worth $25,758,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new stake in Planet Fitness in the fourth quarter valued at about $27,000. Clearstead Advisors LLC lifted its stake in Planet Fitness by 135.9% during the fourth quarter. Clearstead Advisors LLC now owns 335 shares of the company's stock worth $36,000 after purchasing an additional 193 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Planet Fitness by 184.5% during the second quarter. EverSource Wealth Advisors LLC now owns 330 shares of the company's stock valued at $36,000 after purchasing an additional 214 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Planet Fitness during the fourth quarter valued at approximately $41,000. Finally, Danske Bank A S bought a new stake in shares of Planet Fitness in the 3rd quarter valued at approximately $52,000. 95.53% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Frances G. Rathke purchased 5,000 shares of Planet Fitness stock in a transaction that occurred on Friday, May 8th. The shares were acquired at an average price of $46.21 per share, for a total transaction of $231,050.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at approximately $231,050. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PLNT shares. Weiss Ratings cut Planet Fitness from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, June 18th. KeyCorp decreased their price target on Planet Fitness from $100.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Bank of America reiterated a "neutral" rating and issued a $59.00 price target (down from $110.00) on shares of Planet Fitness in a research report on Friday, May 8th. Roth Mkm dropped their price objective on Planet Fitness from $109.00 to $64.00 and set a "buy" rating for the company in a research note on Wednesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Planet Fitness from $98.00 to $61.00 and set a "hold" rating for the company in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $77.81.

Planet Fitness Trading Up 1.3%

NYSE:PLNT opened at $52.27 on Wednesday. The firm has a 50 day moving average of $54.89 and a 200-day moving average of $77.42. Planet Fitness, Inc. has a 1 year low of $37.03 and a 1 year high of $114.47. The stock has a market capitalization of $4.15 billion, a P/E ratio of 18.87, a price-to-earnings-growth ratio of 1.12 and a beta of 1.04.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.11. The firm had revenue of $337.24 million during the quarter, compared to the consensus estimate of $298.60 million. Planet Fitness had a negative return on equity of 81.29% and a net margin of 16.52%.The business's revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS. Planet Fitness has set its FY 2026 guidance at 3.190-3.190 EPS. As a group, analysts forecast that Planet Fitness, Inc. will post 3.18 EPS for the current fiscal year.

Planet Fitness Profile

Planet Fitness, Inc is a franchisor and operator of fitness centers based in Hampton, New Hampshire. Established in 1992, the company designs and equips its clubs to offer a non-intimidating workout environment, often marketed under its “Judgment Free Zone” philosophy. Planet Fitness markets affordable membership plans and a variety of cardio and strength-training equipment, positioning itself to attract casual and first-time gym users.

The company operates through a network of franchised and company-owned clubs.

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