Price T Rowe Associates Inc. MD Acquires 1,268,262 Shares of Planet Fitness, Inc. $PLNT

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Planet Fitness, raising its holdings by 62.7% to approximately 3.29 million shares valued at $317.8 million.
• Several institutional investors, including T. Rowe Price and Invesco, have also boosted their positions significantly, contributing to 95.53% of Planet Fitness's ownership being held by hedge funds and other institutional investors.
• Planet Fitness has received positive ratings from analysts, maintaining an average rating of "Moderate Buy" and a price target of $107.38, with various analysts setting target prices between $95.00 and $126.00.

Price T Rowe Associates Inc. MD grew its holdings in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 62.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,289,606 shares of the company's stock after acquiring an additional 1,268,262 shares during the period. Price T Rowe Associates Inc. MD owned 3.89% of Planet Fitness worth $317,810,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Brooklyn Investment Group grew its holdings in Planet Fitness by 57.8% during the 1st quarter. Brooklyn Investment Group now owns 322 shares of the company's stock worth $31,000 after acquiring an additional 118 shares during the period. PNC Financial Services Group Inc. grew its holdings in Planet Fitness by 4.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,235 shares of the company's stock worth $313,000 after acquiring an additional 126 shares during the period. GAMMA Investing LLC grew its holdings in Planet Fitness by 7.4% during the 1st quarter. GAMMA Investing LLC now owns 2,245 shares of the company's stock worth $217,000 after acquiring an additional 155 shares during the period. Xponance Inc. grew its holdings in Planet Fitness by 1.1% during the 1st quarter. Xponance Inc. now owns 13,767 shares of the company's stock worth $1,330,000 after acquiring an additional 156 shares during the period. Finally, State of Michigan Retirement System grew its holdings in Planet Fitness by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 20,100 shares of the company's stock worth $1,942,000 after acquiring an additional 200 shares during the period. 95.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on PLNT shares. Morgan Stanley increased their price target on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, June 12th. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Planet Fitness in a report on Monday, May 12th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the stock a "buy" rating in a report on Thursday, May 22nd. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Planet Fitness in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

Planet Fitness Price Performance

Shares of PLNT traded up $1.07 during trading hours on Thursday, hitting $106.75. The stock had a trading volume of 542,644 shares, compared to its average volume of 1,489,452. The firm has a 50 day simple moving average of $108.33 and a 200-day simple moving average of $101.89. The firm has a market capitalization of $8.99 billion, a P/E ratio of 47.40, a price-to-earnings-growth ratio of 2.35 and a beta of 1.40. Planet Fitness, Inc. has a 1-year low of $77.77 and a 1-year high of $114.47.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.79 by $0.07. The company 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 firm's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the business posted $0.71 EPS. Equities analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Planet Fitness 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.