Broad Bay Capital Management LP Sells 540,889 Shares of Planet Fitness, Inc. (NYSE:PLNT)

Broad Bay Capital Management LP lessened its position in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 78.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 144,792 shares of the company's stock after selling 540,889 shares during the quarter. Planet Fitness accounts for approximately 1.8% of Broad Bay Capital Management LP's portfolio, making the stock its 19th largest holding. Broad Bay Capital Management LP owned about 0.17% of Planet Fitness worth $14,316,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PLNT. Vanguard Group Inc. lifted its stake in Planet Fitness by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 8,035,765 shares of the company's stock worth $794,496,000 after purchasing an additional 39,928 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Planet Fitness by 48.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,911,081 shares of the company's stock valued at $782,169,000 after acquiring an additional 2,570,826 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Planet Fitness by 1.0% during the 4th quarter. JPMorgan Chase & Co. now owns 3,609,196 shares of the company's stock valued at $356,841,000 after acquiring an additional 36,803 shares during the period. Anomaly Capital Management LP grew its position in Planet Fitness by 20.3% during the 4th quarter. Anomaly Capital Management LP now owns 1,772,593 shares of the company's stock worth $175,256,000 after acquiring an additional 299,148 shares during the last quarter. Finally, Ninety One UK Ltd purchased a new position in Planet Fitness in the 4th quarter worth approximately $130,376,000. Hedge funds and other institutional investors own 95.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PLNT. Stifel Nicolaus dropped their price objective on Planet Fitness from $90.00 to $82.00 and set a "hold" rating for the company in a research note on Friday, February 28th. Macquarie dropped their price target on shares of Planet Fitness from $99.00 to $95.00 and set a "neutral" rating for the company in a research report on Thursday, February 27th. Roth Mkm restated a "buy" rating and issued a $115.00 price objective (up previously from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. JPMorgan Chase & Co. increased their target price on shares of Planet Fitness from $90.00 to $100.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $120.00 price target on shares of Planet Fitness in a report on Monday, February 24th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Planet Fitness currently has an average rating of "Moderate Buy" and a consensus target price of $101.72.

Planet Fitness Price Performance

Planet Fitness stock traded up $1.92 during mid-day trading on Wednesday, reaching $101.79. The stock had a trading volume of 2,954,512 shares, compared to its average volume of 1,409,992. Planet Fitness, Inc. has a one year low of $59.16 and a one year high of $110.00. The company has a 50-day moving average price of $96.25 and a two-hundred day moving average price of $97.41. The company has a market capitalization of $8.62 billion, a price-to-earnings ratio of 54.73, a PEG ratio of 2.45 and a beta of 1.33.

Planet Fitness (NYSE:PLNT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.08. The firm had revenue of $340.50 million for the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The business's revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, equities research analysts anticipate that Planet Fitness, Inc. will post 2.51 earnings per share for the current fiscal 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.