Victory Capital Management Inc. Increases Position in Planet Fitness, Inc. (NYSE:PLNT)

Key Points

• Victory Capital Management Inc. increased its stake in Planet Fitness by 304.2% in Q1, now holding 64,294 shares valued at $6,211,000.
• Planet Fitness reported earnings of $0.59 per share, missing analysts' estimates, with revenue up 11.6% year-over-year but falling short of expectations.
• The stock has a market cap of $9.49 billion and analysts have a consensus rating of "Moderate Buy" with a target price of approximately $106.63.

Victory Capital Management Inc. lifted its stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 304.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 64,294 shares of the company's stock after acquiring an additional 48,389 shares during the quarter. Victory Capital Management Inc. owned approximately 0.08% of Planet Fitness worth $6,211,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in shares of Planet Fitness during the fourth quarter worth approximately $11,963,000. Freestone Grove Partners LP acquired a new position in Planet Fitness during the fourth quarter valued at approximately $25,676,000. Jump Financial LLC acquired a new position in Planet Fitness during the fourth quarter valued at approximately $965,000. B. Metzler seel. Sohn & Co. AG acquired a new position in Planet Fitness during the fourth quarter valued at approximately $3,378,000. Finally, KBC Group NV increased its holdings in Planet Fitness by 13.7% in the first quarter. KBC Group NV now owns 3,503 shares of the company's stock valued at $338,000 after purchasing an additional 422 shares during the period. Institutional investors own 95.53% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on PLNT shares. Morgan Stanley raised their price target 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 price target on shares of Planet Fitness and gave the stock a "buy" rating in a research note on Thursday, May 22nd. Guggenheim reiterated a "buy" rating and set a $110.00 price target on shares of Planet Fitness in a research report on Monday, May 12th. Macquarie restated a "neutral" rating and set a $95.00 price objective on shares of Planet Fitness in a research report on Tuesday, May 13th. Finally, Canaccord Genuity Group set a $126.00 target price on shares of Planet Fitness and gave the company a "buy" rating in a research note on Thursday, June 12th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $106.63.

Planet Fitness Trading Down 0.3%

NYSE PLNT traded down $0.29 during midday trading on Tuesday, hitting $110.94. The company had a trading volume of 179,674 shares, compared to its average volume of 1,492,462. Planet Fitness, Inc. has a twelve month low of $68.75 and a twelve month high of $114.47. The firm has a 50-day moving average price of $106.89 and a 200-day moving average price of $101.66. The company has a market capitalization of $9.34 billion, a PE ratio of 52.37, a P/E/G ratio of 2.52 and a beta of 1.33.

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 (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.03). Planet Fitness had a negative return on equity of 88.70% and a net margin of 14.84%. The firm had revenue of $276.66 million during the quarter, compared to the consensus estimate of $279.80 million. During the same quarter in the previous year, the company posted $0.53 EPS. The firm's revenue was up 11.6% on a year-over-year basis. On average, equities analysts anticipate that Planet Fitness, Inc. will post 2.51 EPS for the current year.

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.