Woodline Partners LP Makes New Investment in Planet Fitness, Inc. $PLNT

Key Points

• Woodline Partners LP invested approximately $7.49 million in Planet Fitness by acquiring 77,527 shares in the first quarter, representing 0.09% ownership of the company.
• Multiple institutional investors, including Brooklyn Investment Group and First Horizon Advisors Inc., significantly increased their positions in Planet Fitness during the first quarter, highlighting growing confidence in the company.
• Analysts maintain a positive outlook on Planet Fitness, with a consensus rating of "Moderate Buy" and an average target price of $108.64, following the company’s recent earnings beat.

Woodline Partners LP purchased a new position in shares of Planet Fitness, Inc. (NYSE:PLNT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 77,527 shares of the company's stock, valued at approximately $7,490,000. Woodline Partners LP owned 0.09% of Planet Fitness as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PLNT. CoreCap Advisors LLC increased its position in Planet Fitness by 1,250.0% during the fourth quarter. CoreCap Advisors LLC now owns 486 shares of the company's stock worth $48,000 after buying an additional 450 shares during the period. Lazard Asset Management LLC acquired a new position in Planet Fitness during the fourth quarter worth approximately $57,000. Nomura Holdings Inc. increased its position in Planet Fitness by 103.4% during the fourth quarter. Nomura Holdings Inc. now owns 11,170 shares of the company's stock worth $1,104,000 after buying an additional 340,370 shares during the period. Man Group plc acquired a new position in Planet Fitness during the fourth quarter worth approximately $9,875,000. Finally, Quantinno Capital Management LP increased its position in Planet Fitness by 14.3% during the fourth quarter. Quantinno Capital Management LP now owns 31,967 shares of the company's stock worth $3,161,000 after buying an additional 3,996 shares during the period. Institutional investors and hedge funds own 95.53% of the company's stock.

Planet Fitness Stock Down 0.6%

Shares of Planet Fitness stock traded down $0.65 during trading on Wednesday, reaching $100.12. The company's stock had a trading volume of 412,665 shares, compared to its average volume of 1,456,849. Planet Fitness, Inc. has a 12-month low of $77.77 and a 12-month high of $114.47. The company has a market capitalization of $8.43 billion, a P/E ratio of 44.50, a price-to-earnings-growth ratio of 2.24 and a beta of 1.37. The business has a 50 day moving average price of $107.06 and a 200-day moving average price of $102.34.

Planet Fitness (NYSE:PLNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.86 earnings per share for the quarter, beating 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 firm had revenue of $340.88 million for the quarter, compared to the consensus estimate of $329.59 million. During the same period in the previous year, the business earned $0.71 earnings per share. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. Research analysts predict that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group reissued a "buy" rating and issued a $126.00 target price on shares of Planet Fitness in a report on Monday. Stifel Nicolaus set a $120.00 target price on Planet Fitness and gave the company a "buy" rating in a report on Thursday, May 22nd. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Planet Fitness in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Planet Fitness presently has an average rating of "Moderate Buy" and a consensus target price of $108.64.

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.