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

Broad Bay Capital Management LP decreased its stake in Planet Fitness, Inc. (NYSE:PLNT - Free Report) by 78.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 144,792 shares of the company's stock after selling 540,889 shares during the period. Planet Fitness accounts for 1.8% of Broad Bay Capital Management LP's portfolio, making the stock its 19th largest position. Broad Bay Capital Management LP owned approximately 0.17% of Planet Fitness worth $14,316,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BNP Paribas bought a new stake in Planet Fitness in the fourth quarter valued at $1,299,000. BNP Paribas Financial Markets lifted its position in Planet Fitness by 971.4% in the 4th quarter. BNP Paribas Financial Markets now owns 100,009 shares of the company's stock valued at $9,888,000 after purchasing an additional 90,675 shares during the last quarter. Algert Global LLC boosted its stake in Planet Fitness by 118.2% during the 4th quarter. Algert Global LLC now owns 63,192 shares of the company's stock valued at $6,248,000 after purchasing an additional 34,228 shares during the period. Freestone Grove Partners LP bought a new position in Planet Fitness in the 4th quarter worth about $25,676,000. Finally, Comerica Bank increased its stake in shares of Planet Fitness by 24.1% in the fourth quarter. Comerica Bank now owns 68,672 shares of the company's stock valued at $6,790,000 after purchasing an additional 13,354 shares during the period. Institutional investors and hedge funds own 95.53% of the company's stock.

Planet Fitness Stock Performance

PLNT traded down $3.54 during midday trading on Friday, hitting $93.54. The company had a trading volume of 2,089,448 shares, compared to its average volume of 1,410,882. Planet Fitness, Inc. has a twelve month low of $60.56 and a twelve month high of $110.00. The firm's 50-day simple moving average is $96.30 and its 200-day simple moving average is $97.62. The company has a market capitalization of $7.92 billion, a PE ratio of 50.29, a P/E/G ratio of 2.45 and a beta of 1.33.

Planet Fitness (NYSE:PLNT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.03). The business had revenue of $276.66 million during the quarter, compared to analyst estimates of $279.80 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. The company's quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Planet Fitness, Inc. will post 2.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLNT. Guggenheim lifted their price target on shares of Planet Fitness from $105.00 to $110.00 and gave the stock a "buy" rating in a research report on Monday, April 14th. Stifel Nicolaus decreased their target price on Planet Fitness from $90.00 to $82.00 and set a "hold" rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. upped their target price on Planet Fitness from $90.00 to $100.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Morgan Stanley lifted their price target on Planet Fitness from $111.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Canaccord Genuity Group began coverage on Planet Fitness in a report on Thursday, March 13th. They set a "buy" rating and a $120.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Planet Fitness currently has a consensus rating of "Moderate Buy" and a consensus target price of $103.00.

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.