WCM Investment Management LLC Lowers Holdings in Planet Fitness, Inc. $PLNT

Key Points

• WCM Investment Management LLC reduced its holdings in Planet Fitness by 16.2%, owning approximately 187,175 shares worth $20,346,000 after selling 36,248 shares in the second quarter.
• Multiple hedge funds, including Farther Finance Advisors LLC and Chicago Capital LLC, significantly increased their positions in Planet Fitness during the first quarter, with notable increases of up to 291.0%.
• Planet Fitness reported $0.86 earnings per share for the last quarter, exceeding analysts' expectations of $0.79, while its revenue increased 13.3% year-over-year.

WCM Investment Management LLC trimmed its holdings in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 16.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 187,175 shares of the company's stock after selling 36,248 shares during the period. WCM Investment Management LLC owned approximately 0.22% of Planet Fitness worth $20,346,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PLNT. Farther Finance Advisors LLC grew its position in Planet Fitness by 291.0% in the first quarter. Farther Finance Advisors LLC now owns 520 shares of the company's stock worth $50,000 after acquiring an additional 387 shares during the period. GAMMA Investing LLC boosted its position in shares of Planet Fitness by 7.4% during the first quarter. GAMMA Investing LLC now owns 2,245 shares of the company's stock worth $217,000 after buying an additional 155 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Planet Fitness by 15.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 3,095 shares of the company's stock worth $299,000 after buying an additional 418 shares during the period. QRG Capital Management Inc. purchased a new position in shares of Planet Fitness during the first quarter worth $206,000. Finally, Chicago Capital LLC boosted its position in shares of Planet Fitness by 35.3% during the first quarter. Chicago Capital LLC now owns 10,154 shares of the company's stock worth $981,000 after buying an additional 2,651 shares during the period. 95.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on PLNT. Weiss Ratings restated a "buy (b-)" rating on shares of Planet Fitness in a research report on Wednesday, October 8th. Jefferies Financial Group restated a "buy" rating on shares of Planet Fitness in a research report on Wednesday, September 24th. Raymond James Financial restated a "strong-buy" rating on shares of Planet Fitness in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group restated a "buy" rating and set a $126.00 price target on shares of Planet Fitness in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $111.54.

Planet Fitness Price Performance

Shares of NYSE PLNT opened at $94.20 on Thursday. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 41.87, a price-to-earnings-growth ratio of 2.11 and a beta of 1.38. The business has a 50-day moving average of $102.51 and a two-hundred day moving average of $102.63. 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 announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.07. Planet Fitness had a negative return on equity of 110.18% and a net margin of 15.11%.The company had revenue of $340.88 million during the quarter, compared to the consensus estimate of $329.59 million. During the same period in the previous year, the business earned $0.71 EPS. Planet Fitness's revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities research analysts expect that Planet Fitness, Inc. will post 2.51 earnings per share 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.

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